Hope for Homeowner plan started today quietly

Oct 01, 2008 | Comments 2

As America and the rest of the world waits on the result of the Wall Street $700 billion bailout plan, the other federal government housing rescue program opened on business on Wednesday calmly without many Americans realising.

The Hope for homeowners plan unveiled with a $300 billion program to help borrowers struggling to refinance into more affordable mortgages that will be backed by the federal government. The red hot debate on Capitol Hill where Republicans were against and Democrats supported was signed into law at the end of July this year.

The Federal Housing Administration Hope for Homeowners plan was originally the federal governments answer to the mortgage crisis, since then the $700 billion bailout has taken all the attention allowing the FHA program to open without fuss, although banks only received the program details on Wednesday so they have advised that they would not be able to offer the Hope for Homeowners plan to their customers for a few weeks.

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Filed Under: Mortgage News

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  • Robert Paduano

    The hope for homeowners program currently has Zero Lenders participating in a program designed to come to the rescue of the housing market. In my opinion if were going to stabilize the banking system and give then Billions of dollars then it should be Mandatory for those banks to participate in the Hope for Homeowners program. Until it is this program is going no where fast.

  • davd nyquist

    yea, thats typical govt.stupidity.
    lets write legislaion, then make it
    on a volnteer basis. it’s not gonna
    work! oh, ya think. what idiots still
    in controll.Make it a law you ass-wipes
    wake the #*^! up, or quit waisting everyones time.