Morgage Update Nov. 6 2008 - Hope For Home Owners

This issue Nov 6th 2008 of the Mortgage Update, It contains news and updates on the "Hope for Homeowners" program, and foreclosure assistance programs for borrowers with mortgages issued through IndyMac , JPMorgan Chase & Co., and Countrywide.

MAKING SENSE OF THE STORY FOR CONSUMERS

· Early projections indicate that only 20,000 troubled homeowners will apply for the "Hope for Homeowners" program, a considerable reduction from the previously estimated 400,000 homeowners who were expected to apply. The $300 billion program was launched Oct. 1 and is designed to help troubled homeowners rewrite a "risky" mortgage loan into a 30-year, fixed-rate loan with a lower interest rate. During the first two weeks of the program, the Federal Housing Administration, which oversees Hope for Homeowners, reported receiving only 42 applications. Some housing experts believe the low application rate is due to the program being voluntary for lenders and provisions requiring homeowners to agree to an equity share with the government.

To read the full story, please click here:

http://www.latimes.com/business/la-fi-hope4-2008nov04,0,5527840.story