Homeowner Affordability And Stability Plan - HASP

HASP, or the Homeowner Affordability and Stability Plan, was implemented in 2009 as a sort of Hail Mary to the subprime mortgage crisis, which led to the Great Recession.

HASP had three main components: 1) supporting the quasi-governmental mortgage institutions who are supposed to support homeowners: Fannie Mae and Freddie Mac, 2) providing refinancing options for those in a position to do it, and 3) providing financial aid for homeowners too far gone down the money-spiral hole.

The Homeowner Affordability and Stability Plan was meant to prop up the US housing market, easing the number of foreclosures and housing values in neighborhoods. When bubbles pop, desperate times call for desperate measures...although some economists argue that programs like HASP just signal to banks that, if another mortgage-bubble pops, it’s fine...because the government will just take care of it.