Is there HOPE for anybody?
Last summer a bill (called HOPE) was passed that would set aside $300 billion to help an estimated 400,000 families avoid foreclosure.
Apparently 752 people applied to benefit from this bill, and so far only one person was given an insured loan.
Here we learn all about what happened. In this article it is explained precisely how the intended help for homeowners has failed on two fronts: involving the lenders, and creating the right incentives and conditions for the borrower.
The author of the article already cited makes a bleak forecast about the future of this bill: “The Congressional Budget Office now projects that HOPE for Homeowners could help just 25,000 mortgage borrowers over the next 10 years at a cost of $675 million.”
Let’s pray that all of us wanting help for paying off our mortgage from the government can start making use of all of this information.