The Obama administration is attempting to revive the stalled Hope for Homeowners program that could restore equity to hundreds of thousands of borrowers whose home values have plummeted. According to the Washington Post, after eight months, the program has helped just one borrower secure a more affordable loan.
President Obama signed legislation last week simplifying and lowering the cost of the program for lenders and borrowers. Lenders that participate also are eligible for incentive payments from government bailout funds.
The article also reports that the revised program is now attracting some unexpected backers: Investors who had refused to consider the program's requirement that they forgive some of a borrower's mortgage balance if the home is worth less than is owed, known as being underwater, are now trumpeting that provision. Read more from Washingtonpost.com.
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