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.”
Perhaps congress should stop playing dress-up in bankers’ and economists’ clothes.
∙ HOPE prevents 1 foreclosure [CNNMoney]
∙ Bam! Bam! Barney Frank’s Bailout Bill Survives As A Provision [SocketSite]