Housing and Economic Recovery Act

HUD Rolls Out Mortgage Assistance; Are Lenders Ready? 

The U.S. Department of Housing and Urban Development on Wednesday touted the availability of lawmakers’ latest attempt to stanch the nation’s foreclosure crisis, called the Hope for Homeowners program. Authorized by the Economic and Housing Recovery Act of 2008, the HFH program is designed to provide a refinancing option for troubled borrowers that cannot afford the terms of their original loan. “For families struggling to keep up with their mortgage payments, this program will be another resource to refinance into a loan they can afford,” said HUD Secretary Steve Preston.