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New HOPE for Distressed Homeowners
Two government programs intended to help hundreds of thousands of homeowners avoid foreclosure have been determined to be ineffective. According to the HUD secretary, "many Americans who should be getting help are not getting help". He acknowledged that the FHASecure program announced in August 2007 has helped only about $4,000 delinquent borrowers. This is a far cry from the over $200,000 struggling homeowners that the program was intended to help.
The other program, Hope for Homeowners, is reported to have received only about 111 applications from distressed homeowners since it was introduced on October 1, 2008. He outlined the changes to the Hope for Homeowners outreach program that are intended to encourage more lender and consumer participation.  Among all, the program will now provide additional mortgage assistance to struggling homeowners while allowing lenders to take smaller loss. The H4H program has been modified to :
Increase the loan to value to 96.5% for some homeowners Permit upfront payment to 2nd lien holders to remove subordinate liens Allowing for 30 to 40 years mortgage terms Distressed borrowers are encouraged to work with an approved GNMA Mortgage-Backed Securities issuer to help them avoid foreclosure by taking full advantage of the new authority provided under the Hope for Homeowners ... more

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