Were you hoping the the hope for homeowners program was going to help you? According to a recent cnn.com article only one foreclosure has been averted by the program!
The article quotes a federal housing authority spokesperson. "As it stands now, we've only gotten 752 applications," said Federal Housing Authority spokesman Brian Sullivan. "And only insured one loan. Needless to say, the program isn't working terribly well."
And Congress has is working on updating the bill-- the House of Representitives has tackled the bill but made no "signifigant" changes.
Let's keep the program (please note my sarcasm) because according to the article, "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."
Thursday, March 26, 2009
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