Filed under: Housing
Over 4,500 call the Hope Now hotline (1-888-995-HOPE) every day. The callers are homeowners in deep trouble with their mortgages, and Hope Now was established in October, 2007 to help people just like them. The problem is, Hope Now doesn’t seem to be doing much to help them.
At least that’s according to a report in The New York Times this day. The basic problem is that Hope Now, which is backed by the White Home, is operated by the very financial corporations that are foreclosing on people’s houses. And, not surprisingly, the group has been accused of putting the interests of mortgage lenders and loan servicers ahead of homeowners. The main thrust of their advice, when they give it, directs homeowners to catch up on their payments, not to rework their mortgages to a more inexpensive level.
Michael Shea of the Acorn Housing Corporation, says “Hope Now is a failure. . . It’s industry-dominated.” Hope Now claims it has many success stories — but couldn’t provide any for the Times article. According to the Homeownership Preservation Foundation, only 4% of callers to Hope Now end up speaking to a housing counselor.
Hmmm, a group backed by the Bush administration that’s really a bunch of industry shills. Now what in the last eight years could possibly make you think that could be true? Heck of a job, Hope Now!
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