About Government Refinance and Home Purchase Programs

Information and Updates on Government Mortgage Programs
Filed under Government Mortgage Financing Programs News

As we have noted, the original Hope For Homeowners program signed in to law last summer proved to be a spectacular failure. The question now is if the program will just fade away or if the incoming chief of HUD in the Obama administration, Shaun Donovan, will try to revive it. Here is a quote from him in a recent Reuters news piece:

HUD has been roundly criticized for its implementation of a mortgage refinance program called Hope for Homeowners that was conceived this summer to rescue 400,000 troubled borrowers but has retooled fewer than a thousand loans.

“I think it’s clear to everyone that there needs to be some changes to make sure that program is effective,” Donovan said.

Doesn’t sound like a commitment one way or the other to me. We shall see I suppose.

Comments (0) Posted by G.R.A. Admin on Thursday, January 15th, 2009

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