Foreclosure Crisis: The Gov’t Response, Decoded
from Alexandra Andrews, ProPublica, April 29, 2009 2:02 pm EDT
By now, you’ve probably heard about the Obama administration’s Making Home Affordable plan – the government’s most aggressive and wide-ranging attempt yet to stem the nationwide scourge of foreclosures. We’ll be tracking some homeowners as they make their way through the program, so we thought we’d lay out the plan in detail first.
We also wondered what was happening to the government’s other foreclosure-prevention efforts. Are borrowers still using them? FHA’s $300 billion Hope for Homeowners program isn’t seeing much action (so far, only a single homeowner has refinanced through the program), but some homeowners are finding relief through programs run by various government agencies, like the Department of Veterans Affairs.
[snip]The U.S. Department of Housing and Urban Development admits its ‘Hope for Homeowners’ program has fallen short.