{"id":3679,"date":"2008-12-17T11:07:15","date_gmt":"2008-12-17T19:07:15","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=3679"},"modified":"2008-12-18T11:04:16","modified_gmt":"2008-12-18T19:04:16","slug":"hope-for-a-whopping-312-homeowners","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2008\/12\/17\/hope-for-a-whopping-312-homeowners\/","title":{"rendered":"HOPE for a Whopping 312 Homeowners"},"content":{"rendered":"<p>I thought this was somewhat interesting.  You may recall the &#8220;Foreclosure Prevention Act of 2008,&#8221; about which we held <a title=\"Poll: Do you think the \u201cForeclosure Prevention Act of 2008\u2033 will:\" href=\"http:\/\/seattlebubble.com\/blog\/2008\/07\/27\/poll-do-you-think-the-foreclosure-prevention-act-of-2008-will\/\">a poll back in July<\/a>.  One of the primary aspects of the Foreclosure Prevention Act is the HOPE (Home Ownership Preservation Entity) for Homeowners program, which was intended to:<\/p>\n<blockquote><p>&#8230;insure up to $300 billion for 30 year refinanced loans for distressed borrowers between October 1, 2008-September 30, 2011.<\/p>\n<p>&#8211; <a title=\"H.R. 3221 - Summary\" href=\"http:\/\/www.govtrack.us\/congress\/bill.xpd?bill=h110-3221&amp;tab=summary\">Project Vote Smart<\/a><\/p><\/blockquote>\n<p>Two and a half months into to the program, it would appear that the 51% of you <a title=\"Poll: Do you think the \u201cForeclosure Prevention Act of 2008\u2033 will:\" href=\"http:\/\/seattlebubble.com\/blog\/2008\/07\/27\/poll-do-you-think-the-foreclosure-prevention-act-of-2008-will\/\">that said<\/a> the act would &#8220;have little effect on the housing market&#8221; are correct.<\/p>\n<p>From the Washington Post: <a title=\"HUD Chief Calls Aid on Mortgages A Failure\" href=\"http:\/\/www.washingtonpost.com\/wp-dyn\/content\/article\/2008\/12\/16\/AR2008121603177.html?hpid=topnews\">HUD Chief Calls Aid on Mortgages A Failure<\/a><\/p>\n<blockquote><p>The three-year program was supposed to help 400,000 borrowers avoid foreclosure. But it has attracted only 312 applications since its October launch because it is too expensive and onerous for lenders and borrowers alike, <em>[Secretary of Housing and Urban Development Steve]<\/em> Preston said in an interview.<br \/>\n&#8230;<br \/>\nOne of several federal and state foreclosure prevention initiatives facing difficulties, HUD&#8217;s Hope for Homeowners program has been especially hamstrung.<br \/>\n&#8230;<br \/>\n&#8220;Getting the lenders to agree . . . has been our biggest challenge,&#8221; said Peyton Herbert, director of foreclosure services at HomeFree USA, a housing counseling firm in Hyattsville. &#8220;They want dollar for dollar what&#8217;s owed on that loan or something close to it. That&#8217;s the fly in the ointment.&#8221;<\/p><\/blockquote>\n<p>Go figure.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I thought this was somewhat interesting. You may recall the &#8220;Foreclosure Prevention Act of 2008,&#8221; about which we held a poll back in July. One of the primary aspects of the Foreclosure Prevention Act is the HOPE (Home Ownership Preservation Entity) for Homeowners program, which was intended to: &#8230;insure up to $300 billion for 30&#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[198],"tags":[282,7,462,463],"coauthors":[],"class_list":["post-3679","post","type-post","status-publish","format-standard","hentry","category-news","tag-bailout","tag-foreclosures","tag-hope","tag-hud"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>HOPE for a Whopping 312 Homeowners \u2022 Seattle Bubble<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/seattlebubble.com\/blog\/2008\/12\/17\/hope-for-a-whopping-312-homeowners\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"HOPE for a Whopping 312 Homeowners \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"I thought this was somewhat interesting. You may recall the &#8220;Foreclosure Prevention Act of 2008,&#8221; about which we held a poll back in July. 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His background in engineering and computer \/ internet technology, a fondness of data-based analysis of problems, and an addiction to spreadsheets all influence his perspective on the Seattle-area real estate market. 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