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Hope for Homeowners Program is Apparently Falling Flat

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Real Estate Agent

Several news sources have reported in the last few days, that the much touted "Hope For Homeowners" program is falling flat, and is experiencing little success.

To quote the Orlando Sentinel, "Bankers don't like it. Consumers don't understand it. Government regulators don't trust it to solve the problem."

Some news accountings gave the opinion that banks are balking at being asked to discount existing mortgages to 90% of their value, and prefer foreclosure instead.

Here's the link to the complete article presented by the Orlando Sentinel, "Hope for Homeowners Program Falling Flat."

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Mick Michaud
Distinctly Texas Lifestyle Properties, LLC Office:682/498-3107 - Granbury, TX
Your Texas Lifestyle is Here!

"I'm with the government and I'm here to help"  NOT!

The Fed's caused this mess and getting them more involved is not going to solve it.  They need to back out and let things find their own level.

Reminds me of the kids poem "The Elephone and the telephant".

 

Nov 21, 2008 02:34 PM
Jack Gilleland
Home Inspection and Investor Services, Clayton - Clayton, OH

Mryl - The banks are reluctant to put anything in writing that might come back at them later.  Now that the bailout is underway I wonder how much of that is going to actually reach the consumer.

IZZY

Nov 21, 2008 02:36 PM
Loren Johnson
White Bear Lake, MN
CMPS

You are right...the "HOPE for homeowners" is anything but........it's mostly a voluntary program, and the banks are not willing to move very much.

Nov 21, 2008 03:24 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Mike - It's been awhile since I've heard the statement, "I'm with the government and I'm here to help". . .but it definitedly describes where we are currently. LOL!

Izzy - I'm beginning to think the bailouts are nothing but corporate welfare for the rich, financial corporations and banks.  The bailouts were promoted to free up money and get it flowing again, but we haven't seen banks actually doing much of that.  In fact they seem to be holding on to the money, or buying out other banks. 

Loren - I've wondered if the people at the banking end of these programs, etc., are simply overwhelmed, untrained, or TRULY unmotivated to negotiate.  If there is to be much success exhibited, the banks, will need to become MUCH better at this.

Nov 22, 2008 12:59 AM
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