HUD Chief Blames Congress for Hope for Homeowners’ Failings

The initiative designed to aid struggling homeowners has gotten off to a lackluster start.

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More details on Hope for Homeowners' wildly underwhelming start: only 312 applications so far and--you guessed it--congress and the administration are blaming each other for its shortcomings.

From The Washington Post:

The three-year program was supposed to help 400,000 borrowers avoid foreclosure. But it has attracted only 312 applications since its October launch because it is too expensive and onerous for lenders and borrowers alike, Preston said in an interview.

"What most people don't understand is that this program was designed to the detail by Congress," Preston said. "Congress dotted the i's and crossed the t's for us, and unfortunately it has made this program tough to use."

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