Thursday, November 13, 2008
Little Help from HUD's "Hope for Homeowners" Program
The Washington Post recently reported that the US Department of Housing and Urban Development is considering changes to its Hope for Homeowner's program only about a month after it was launched. The program was expected to help 400,000 borrowers get new loans but so far the program has reportedly only helped 42 homeowners and HUD only expects 20,000 application over the next year. The program was originally expected to help 400,000 borrowers. but lenders have balked at a requirement under the program to lower the principal owed on the loan to qualify for a refinancing under the program.