In its first two weeks of existence, the Federal Housing Authority’s HOPE for Homeowners program, meant to help as many as 400,000 homeowners avoid foreclosure, has fielded a grand total of 42 applications.
The program set aside $3.9 billion to help people in "neighborhoods hardest hit by foreclosures" renegotiate their loans, but as Rep. Steve LaTourette (R-OH) noted in yesterday’s congressional hearings on the financial crisis, the effort appears to have fallen flat and now expects to receive only a fraction of the applications … more…
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Sharona Coutts recently graduated with honors from Columbia Journalism School's investigative seminar. A law graduate, she clerked for a Justice of the High Court of Australia, before jumping feet first into investigative reporting. She has worked for the Australian Broadcasting Corporation, freelanced for the BBC, written for numerous magazines, and her work has appeared in the New York Times.