Here is a breakdown and purpose of some of the legislation in the package titled the Hope for Homeowners Act
- HOPE for Homeowners Act would create a new initiative within the Federal Housing Administration to refinance mortgages of distressed home owners.
- funding for foreclosure prevention counseling
- emergency appropriation $4 billion -Community Development program (CDBG) providing cities that have been most adversely affected by the foreclosure crisis desperately need some assistance to get foreclosed and abandoned properties back into the hands of qualified homeowners.
- bankruptcy provision could help more than 600,000 homeowners by allowing them to modify their mortgages in bankruptcy.
- improve disclosures to borrowers earlier in the lending process
- modernize the Federal Housing Administration (FHA).
- tax credit to buyers of homes in or near foreclosure
- seller breaks for short-sales tax treatment
- tax credits to builders to prevent bankruptcy