HOPE prevents 1 foreclosure in five months!!

Discussion in 'Economics' started by Clubber Lang, Mar 25, 2009.

  1. http://money.cnn.com/2009/03/25/real_estate/new_hope_plan/index.htm?postversion=2009032512

    In the five months since it has been in effect, HOPE has helped exactly one homeowner to avoid foreclosure. This despite Congress having made $300 billion available to back these loans and estimating that the program would benefit as many as 400,000 families.

    "As it stands now, we've only gotten 752 applications," said Federal Housing Authority spokesman Brian Sullivan. "And only insured one loan. Needless to say, the program isn't working terribly well."

    What happened to the $300 billion?

    Is it any surprise Senator Dodd was a "chief architect" of the HOPE bill?

    More fleecing of the U.S. taxpayer.
  2. MattF


    Just went to worthless and no-show type jobs....

    Wow. 1. I knew it'd be low. But 1?

    Should write off that lucky homeowner's mortgage entirely! :D

    In all due seriousness, some of the issue also applies to people (the homeowners) not doing anything until it's too late...then no one, not even HOPE would probably be able to fix the problem.