"If HOPE for Homeowners, the foreclosure-prevention plan passed last summer, was a soft drink, it would be New Coke. If it was an automobile, it would be an Edsel. A movie? Howard the Duck.
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.'"
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HOPE for Homeowners - not dead yet
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