Salem Oregon home owners in trouble…Credit markets failing…unemployment increasing…home prices plunging…Salem Oregon real estate drops…foreclosures on the rise…stock market in turmoil screamed the headlines last year and well…so far this year as well.
In an attempt to help homeowners, as only they can, the federal government created the HOPE program five months ago which was to help people work out loan modifications to save their properties from heading into foreclosure. Congress set aside $300 BILLION dollars to back these loans to encourage lenders to work with these families.
What are the results?
In 5 months 752 homeowners asked for help. How many were helped?
Yep, you read it right. One. It prevented one homeowner from going into foreclosure.
CNNMoney.com has an article about the debacle that is this program. They compared it to the “New Coke” and the Edsel in terms of successful ideas in American history…ouch.
The plan…help 400,000 homeowners refinance their homes with government-backed loans. The result one loan modified and foreclosure prevented.
You gotta love it when a plan comes together. 😉