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The -- might not be the best equipped to help solve all our problems consider this last summer.
Congress -- the White House put in place a program through Hud and the FHA designed to help troubled mortgage holders refinance their loans.
The program was named hope for homeowners it was predicted whose gonna help over 400000 households so now eight months later.
One of the mortgage has actually been modified through this program -- Solomon takes a timeout to dig a little deeper.
Well Dave I guess one may be the lonely as number I guess the upside also -- a lot of -- -- -- billion dollar credit insurance backed by the government taxpayer money.
May not have to be used your -- I went down I was researching a story to write in my blog I came across that rather startling number one homeowner help my hope for homeowners.
So we have housing and urban development secretary Shaun Donovan on the program the other day and I asked him.
About the one but he didn't exactly -- with our numbers.
I called your office yesterday and I found that under any hope for homeowners program exactly won the mortgage one.
Has been endorsed for reworking by the FHA one how come.
But I'm not sure where -- who you spoke to but that's actually not accurate OK I think we see -- they hit an early to say the person's name was on the -- 865 applications.
About 51 close but only one with a net AJ back.
That have never done an accurate under the hope for homeowners program -- Didn't they're not -- if only my numbers are wrong I don't wanna say the name of the person I spoke to -- your office who gave me those numbers I'm happy to forge an email from your office.
Are those numbers correct 86551.
-- I don't believe those numbers are correct.
I expected him to acknowledge the number one and then we discuss what changes can be made the hope for homeowners program didn't want to get a -- debate on the figure since the numbers came from but it.
Themselves as a 4:28 PM on Wednesday when I received an email from -- housing and urban development.
Here are the numbers on the hope for homeowner program which is a program that was put in.
Under the Bush Administration back in July kicked in in October goes through September reporting eleven.
FHA endorsements want and I wrote the -- chain on my -- emailed to you guys have what does it mean to be FHA endorsing sit under this program.
It has to -- NF HA endorsement in order to be counted under hope for homeowners which means.
Won the mortgage has been modified under that play so you say then.
Why well as a lot of reasons it again in a back and forth email.
Whip putt it was things like well it's pretty expensive the -- 3% plus one and a half percent a year.
People have to share in the profit at their home goes up in value and rework mortgage.
They got to get half that the government people wanna do that and also they're gonna go through your loan documents and perhaps -- some concern out there among some people.
About the income honesty now.
We booked a Hud secretary it wasn't too.
Go laughter -- was to try to figure out why the government programs vs the private sector have such a disparity.
And look at this you want to score some good score this three point 675 million.
Hole now hole is deep privately run albeit with some charitable organizations banks except our mortgage lenders.
They're all Linda hope now.
And change mortgages -- work under hope now by all accounts a success.
Hope for homeowners.
Just want now the Obama administration is starting a new plant making home affordable pretty clear acknowledgment that hope for homeowners.
Not exactly working as hope the private sector though certainly.
Is score that three plus million to one.
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