Archive for November, 2008
Hope for Homeowners Program Not Yet Providing Much Hope
Nov 5th, 2008 @ 1:57 PM by Amber NelsonA new government program designed to help homeowners avoid foreclosure is not attracting many takers at this point, according to the Federal Housing Administration and lenders around the country. The program, Hope for Homeowners, is a Bush administration-led effort to help struggling mortgage borrowers refinance into FHA-backed loans with lower balances and possibly even lower interest rates. The end result for homeowners would be smaller payments and a partial recuperation of equity. When the program began officially on Oct. 1, the FHA estimated that it could help as many as 400,000 borrowers stay out of foreclosure through 2011, yet new... more »