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Hope Now vs Hope For Homeowners – Another Government Failure

Hope Now – 2.2 million homeowners helped

Hope For Homeowners – 312 applications taken.

Guess which one is run privately and which one is a government boondoggle.

You are a winner.

MoneyhousesmallThe grand committee based, Congressionally negotiated program Hope For Homeowners has only taken 312 applications while have 300 billion dollars of taxpayer’s money at it’s disposal. I wonder how much has been spent on setting up the bureaucracy to run this mess? 5, 10, 20 million? I am absolutely sure that it is more than has been loaned out.

Basically, the plan was to offer as much as $300 billion in government-guaranteed home loans to people whose current mortgages exceed the value of their houses; 400,000 people would benefit, it was said. Well, the early returns are in, and the program is, at this point, a flop. There have been only 312 applications, according to the Department of Housing and Urban Development. At that rate, the three-year program would help only about 5,400 borrowers.  washingtonpost.com.

Meanwhile the Hope Now program created and implemented by the mortgage companies are on pace to help 2,200,000 families. Now the truth is, for many this is a short term fix as the underlying issues that caused the initial problems paying the mortgage have not gone away, but the help is still going out.

Now I am going to put on my political hat on for a second. Run away if it offends you.

We have to stop relying on the government to fix our woes. We are all imperfect and times get tough. A large percentage of the bottom 20 percent of income earners get out of that category in the 10 years. Life is cyclical.

One of these wild cards is that most Americans do not stay in the same income brackets throughout their lives. Millions of people move from one bracket to another in just a few years.

What that means statistically is that comparing the top income bracket with the bottom income bracket over a period of years tells you nothing about what is happening to the actual flesh-and-blood human beings who are moving between brackets during those years. via Thomas Sowell

But government is poorly suited to help others. They build roads and fight wars. Otherwise they create systems that suck the lifeblood out of our economy. Government pensions are going to hurt the economy in the next few years and expect many municipalities to go bankrupt soon. The social security system is a train wreck waiting to happen. Medicare the same.

The politicians use these systems to gain access to our pocketbooks to maintain power.

When private enterprise invests in a system it is efficient. They need to be profitable to remain in business. The government just needs to show up and take more money, until there is nothing left. When was the last time you heard of a government program shut down? I haven’t in a long time.

Now look at the numbers at the top if you are not sure I am correct.

Hope Now – 2.2 million homeowners helped

Hope For Homeowners – 312 applications taken.

Enough said.


  1. I can't believe it!!! I was reading about this wonderful program ( the hope for homeowners) and I was wondering why there wasn't more information out there about it. ( I read everything in http://www.HopeNowMortgages.com )now I am in shock. Just 312 applications! I hope that now the government push the banks to implement no just this program but the others that were created ( also listed in the website )

  2. Now why don't they for one just stop all the arms and grant a fixxed intrest to all? Would that not help with out a bailout?

  3. Maybe the number applying to Hope for Homeowners is so low because the crooks really jumped on the band wagon and sought out those in need before they ever even heard of the government program – crooks like the ones identifying themselves as "Hope Now" and claiming to be somehow affiliated with the government, but are not. I was approached by one such "Hope Now" identified with a Cherry Hill, NJ address. They've had my money for 3 1/2 months, my credit score took a huge negative hit, after 2 months my mortgage company advised my modification had been denied, and NOBODY at this "Hope Now" calls me back. Most horrible experience ever with an individual organization!!!

    WARNING!!! BE CAREFUL OF THE "HOPE NOW" NAME (get the right one)

    This WRONG one claimed they take your next mortgage payment and put in a holding account until the modification is complete – when successfully completed they take that money as their payment for the services. They assure you it's not a problem not making your next mortgage payment because within a few days (30 max) your account is frozen and there will be no late fees or additional charges incurred. It will all be worked out in the modification. When following up to ask if I could skip the next month's payment and use to pay toward other debt, I was told "no problem, you may be able to skip the following one, as well, because we are so far behind." Well, when the mortgage company kept calling and said they don't "freeze" accounts, I thought something's not right here and I resumed making payments, but was now two months behind. Told this Hope Now I did not want to deal with them anymore and I wanted my money back. All I'm getting is a run around and no returned phone calls.

  4. This financial crisis disrupted my dream to get my residence.

  5. I enjoyed your post because you are giving helpful information to homeowners. Homeowners are hurting everywhere. I also blog and write articles on whats borrowers can do to get mortgage help to assist them in countless ways.

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