White House Announces New Actions on Homeownership

(WASHINGTON, DC) For millions of Americans homeownership is a foundation for so many parts of their lives, and for many it is also their primary source of wealth. The Biden-Harris Administration is committed to expanding access to homeownership, ensuring homeowners can afford to stay in their homes and make the repairs they need, and that the wealth building potential of homeownership works equally for everyone.

Today, the Biden-Harris Administration is releasing new data showing major federal investment in homeownership, and announcing key new actions to accelerate progress. These actions make important strides, but given the lack of homes on the market and current interest rates, to truly ensure homeownership is accessible to all households, we need Congress to act.

Also Help homeowners know their rights and remain in their homes: The Consumer Financial Protection Bureau, an independent agency, is working on reforms to existing rules to help homeowners when they have trouble making their mortgage payments. The reforms build on observations during the COVID-19 pandemic about places where the rules could be streamlined and simplified. The reforms will ensure homeowners can get the help they need without unnecessary delays or hurdles and are better able to not fall into foreclosure.

Assist homeowners behind on their mortgages: In fiscal year 2024, VA will deploy a new home retention option that provides a long-term solution to address our most severely impacted Veteran borrowers. The VA Servicing Purchase (VASP) program will help Veteran borrowers who are behind on their mortgage loan who do not qualify for traditional home retention options.