Mar 13, 2008 - Washington, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today announced his intention to introduce legislation that will create a new program within the Federal Housing Administration (FHA) to provide aid to distressed borrowers currently trapped in mortgages they cannot afford.  Under the "HOPE for Homeowners Act of 2008," new mortgage that are offered by FHA-approved lenders will refinance abusive loans at a significant discount for homeowners facing difficulty meeting their mortgage payments.

Full article: http://www.banking.senate.gov/index.cfm?Fuseaction=Articles.Detail&Article_id=248&Month=3&Year=2008

 

 
Posted by Brandi Wells on 03/19/2008 05:07 AM   Comments (6)   , ,  
Post is included in group: Lead Generation through community websites

6 Comments on Dodd Announces "Hope for Homeowners Act"

Could be good, but I don't Know about getting help from the governement. Could be a slipperry slope.

03/19/2008 05:29 AM by Dennis Swartz (Buyers & Sellers Realty GMAC)

I don't think they can stop this ride from happening - I think this whole thing needs to run its course.  Good luck

03/19/2008 05:33 AM by Vincent McKamy Realtor Fredericksburg Virginia (Coldwell Banker Elite)

Thank you for the link. I was taking a quick browse there. Until home prices bottom out in the hardest hit areas, and the banks are feeling better, it will be hard to see much progress being made.

03/19/2008 05:42 AM by Frank Schulte-Ladbeck (Frank Schulte-Ladbeck Professional Real Estate Inspections)

The big boys seem to have no problem quickly bailing out their buddies. Lets hope this moves thru with the same speed

03/19/2008 06:54 AM by Charlie Ragonesi Big Canoe Realestate Jasper,Ellijay,Ball Ground,Benttree (All Mountain Realty)

I have bad feelings about a government bail out.  One of the solutions I heard bandied about is allowing "distressed" homeowners to refinance for the CURRENT VALUE OF THEIR HOME, not what they paid.  What about all of us that are able to make our payments, but whose house has lost value?  Give me a break.  If you bit off more than you could chew, it's not the government's fault.  Anything that sounds too good to be true, probably is.  Learn the word BUDGET.  And as for the banks, they are just as greedy to do loans that clients weren't really qualifying for.  They were qualifying for a PAYMENT, not the fully amortized loan amount.

03/19/2008 10:11 AM by Chris Ann Cleland, GRI (Long & Foster)

what companies can i use to get a hope loan

08/06/2008 08:31 PM by cheryl

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Real Estate Agent: Brandi Wells (Prudential Colony Realty)
Brandi Wells
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