The Obama administration has taken the initiative of boosting the US real estate economy by implementing the Making Homes Affordable (MHA) program that went into effect in early 2009. The aim of this initiative is to provide troubled homeowners the ability to obtain financing from their lenders as well as adjust and refinance their bank loan terms in order to decrease their monthly obligations. This initiative should be available for new and existing homeowners until January 31, 2012.Under any economic recession, hard-working individuals become unemployed for little to no reason. They are forced to cut back on expenses and are often left in a situation that makes it impossible to keep up with mortgages and other financial obligations. Starting in 2008, foreclosures reached all-time highs in America. To stabilize the housing industry as well as invigorate the overall economy, the President began the MHA program. This operative is essentially a $75 billion fund which falls under the Homeowner Stability Initiative. Its successful execution will result in bank loan modifications that will begin to slow down the rate of foreclosure across the nation.Many homeowners have experienced massive depreciation with their properties that began in earnest around 2007. This has resulted in mortgages that have gone entirely too high in terms of their relative percentage of consumer earnings. With an MHA loan, homeowners will only be expected to pay out up to 31% of their gross month-to-month earnings.Eligibility for acceptance into this program has a few requirements:Your month-to-month mortgage currently exceeds 31% of your income during the same period of time.Fannie Mae or Freddie Mac currently insures your bank loan.Your home loan started prior to January 1, 2009.Your home loan exceeds $729,750 in unpaid principal.You’re the primary occupant of the house.There are other financial incentives to participating in the MHA program for both creditors and borrowers. Lenders are eligible to receive a payment of $1000 for each modification that they give and an additional $1000 per year for up to three years provided that the homeowner sticks with the modified loan terms. The benefits for the property owner include a pay for performance award that gives him $1000 per year for up to five years provided that they make on time repayments. The loan principle is then directly reduced by this amount. Clearly, this is a program that should be taken full advantage of by existing property owners.