Although more than 4,500 people every day call Hope Now—one of the White House's key weapons in battling the housing crisis—few seem to be getting much help, the New York Times reports. "One reason is that the financial powers behind Hope Now—mortgage lenders, loan servicers and big investors—are reluctant to change loan terms substantially if doing so hurts them," the newspaper says.
"Hope Now is a failure," an executive director at one counseling agency told the New York Times. "It's industry-dominated."
But there could be other reasons for the apparently lackluster results:
But only a fraction of all callers—about 4 percent—ends up talking in person with a housing counselor, according to the Homeownership Preservation Foundation, a nonprofit group at the center of Hope Now that also has ties to the mortgage industry.
The full article is here.