Mortgage Industry Coalition, HOPE NOW enacted

Mortgage Industry Coalition, HOPE NOW enacted

The White House announced the formation of a Mortgage Industry Coalition dubbed HOPE NOW. The coalition is formed from several of the largest mortgage service companies, as well as counseling agencies, investors, and trade organizations. Their hope is that with a conglomeration of this sort they can brainstorm more methods to help homeowners avoid losing their homes. Also, once these methods have come about hopefully they will have a easier time implementing them on a larger scale. I believe every new program and implementation is chipping away at the larger problem. Hopefully, we can turn the corner soon! See more about HOPE NOW below:

• White House to help mortgage-holders
• Mortgage industry coalition would help homeowners whose loans are resetting to higher rates, says Treasury Secretary.CNNMoney.com October 10 2007: 3:10 PM EDT
  
• WASHINGTON (AP) -- The Bush administration announced a new mortgage industry coalition on Wednesday aimed at helping homeowners avoid being trapped in a rising tide of foreclosures. Treasury Secretary Henry Paulson said the initiative would help coordinate efforts by financial companies to help an estimated 2 million homeowners whose introductory mortgages with low rates are now resetting at much higher rates, greatly increasing the risk they will default on the loans. (More)