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200:(known as the Homeowner's HOPE Hotline), through which the Homeownership Preservation Foundation (a member) offers free counseling to homeowners concerned about foreclosure. It also encourages homeowners in difficulty to contact their lender directly, and provides on its website a list of contact for member organizations.
228:
There are claims that the group has not been effective at addressing the increasing problem of foreclosures in the United States, with recent figures indicating that the rate of foreclosures rising faster than the increase in homeowners helped. It has also been noted that the majority of assistance
203:
Beginning in
October 2007 mortgage lenders & servicing companies within the group reached out to homeowners with past due accounts via mail, giving information to them of the group and the assistance available. Over 200,000 letters were sent in the first batch, with additional mailings occurring
216:. These workouts can either result in establishing a modified repayment plan with the homeowner to bring them up to date, or a loan modification where the terms of the mortgage are modified in order to make the loan serviceable for the homeowner.
140:, the alliance claims to have helped over 1 million homeowners avoid foreclosure through January 2008. Critics of the alliance contend that the assistance provided does not go far enough, and that not enough homeowners are being helped.
224:
Since first being mentioned in
December 2007, the Homeowner's HOPE Hotline received more than 140,000 calls in 2007 (including over 45,000 in the first three days), and an average of 3,200 calls per day in January 2008
229:
provided by the group has been to establish repayment plans, rather than actually modifying the terms of the mortgage. Concerns about the limitations of data collected by groups such as Hope Now led the
184:
At its inception the
Alliance was composed of lenders representing 60% of all outstanding mortgages in the United States, counseling services, trade organizations and a group representing investors in
181:
to launch a new "foreclosure avoidance initiative". These discussions led to the creation of the Hope Now alliance, which was announced by
Secretary Paulson on October 10, 2007.
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government, counselors, investors, and lenders to help homeowners who may not be able to pay their mortgages. Created in 2007 in response to the
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383:"Statement by Secretary Henry M. Paulson, Jr. on Announcement of New Private Sector Alliance – HOPE NOW"
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Homeownership Built to Last: Balancing Access, Affordability, and Risk after the
Housing Crisis
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Hope Now describes the assistance that it provides to homeowners as loan workouts, a form of
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in
November, January & February 2008. In total one million letters have been sent.
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Molinsky, Jennifer H.; Belsky, Eric S.; Herbert, Christopher E. (2014).
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524:"HOPE NOW: Fourth Round of Letters to At-Risk Homeowners Being Sent"
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188:. Additional organizations joined over the following months.
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Acquired or bankrupt banks in the late 2000s financial crisis
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Cooperative effort to assist homeowners with paying mortgages
582:"888-995-HOPE Hotline Averaging More Than 3,000 Calls a Day"
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to work with mortgage lenders, foreclosure counsellors, the
334:"Housing relief efforts slow as pace of foreclosures rise"
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Dodd–Frank Wall Street Reform and
Consumer Protection Act
274:"HOPE NOW Alliance Created to Help Distressed Homeowners"
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Not to be confused with "Give Hope Now" campaign by the
443:"HOPE NOW Lists All Alliance Members' Service Numbers"
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to undertake its own investigation into foreclosures.
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Public–Private
Investment Program for Legacy Assets
355:"President Bush Discusses Homeownership Financing"
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639:"US foreclosure filings surge 48 percent in May"
241:A current list of Hope Now members is available
613:"Growth in foreclosure sales outpaces workouts"
587:. Hope Now Alliance. 2008-01-16. Archived from
529:. Hope Now Alliance. 2008-02-20. Archived from
448:. Hope Now Alliance. 2008-01-29. Archived from
417:. Hope Now Alliance. 2007-10-18. Archived from
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279:. Hope Now Alliance. 2007-10-10. Archived from
982:Nonpartisan organizations in the United States
860:Federal takeover of Fannie Mae and Freddie Mac
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306:"Hope Now's numbers don't add up to much help"
977:Economic advocacy groups in the United States
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830:Emergency Economic Stabilization Act of 2008
560:. Brookings Institution Press. p. 421.
900:2009 Supervisory Capital Assessment Program
870:Homeowners Affordability and Stability Plan
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231:Office of the Comptroller of the Currency
116:Learn how and when to remove this message
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941:Financial position of the United States
157:Housing and Urban Development Secretary
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641:. The Associated Press. Archived from
499:"Hope Now - Mortgage Lender Directory"
196:The group promotes a national 24-hour
52:Please improve this article by adding
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132:is a cooperative effort between the
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501:. Hope Now Alliance. Archived from
476:. Hope Now Alliance. Archived from
412:"HOPE NOW Announces New Membership"
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668:"Workout programs come under fire"
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895:Primary Dealer Credit Facility
764:Role of credit rating agencies
724:Background / timeline
171:Federal Housing Administration
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915:Troubled Asset Relief Program
820:Economic Stimulus Act of 2008
716:U.S. subprime mortgage crisis
474:"Hope Now - Hotline Services"
359:Office of the Press Secretary
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54:secondary or tertiary sources
755:United States housing bubble
389:. 2007-10-10. Archived from
332:Christie, Les (2008-04-28).
304:Christie, Les (2008-04-10).
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387:U.S. Department of Treasury
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845:Capital Assistance Program
787:2007–2008 financial crisis
666:Zibel, Alan (2008-06-22).
637:Zibel, Alan (2008-06-13).
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198:toll-free telephone number
186:mortgage backed securities
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972:Neighborhood associations
946:Foreclosure rescue scheme
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855:Federal Reserve responses
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802:Indirect economic effects
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759:housing market correction
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987:Subprime mortgage crisis
850:Capital Purchase Program
254:Subprime mortgage crisis
138:subprime mortgage crisis
865:Government intervention
732:Background information
670:. The Associated Press
41:relies excessively on
951:Property derivatives
890:Regulatory responses
769:Government policies
148:On August 31, 2007
65:"Hope Now Alliance"
920:Wall Street reform
905:Tea Party protests
164:Treasury Secretary
21:American Red Cross
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880:Loan modification
875:Hope Now Alliance
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672:. Retrieved
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619:. 2008-07-02
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361:. 2007-08-31
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992:Foreclosure
179:Freddie Mac
966:Categories
797:Writedowns
674:2008-07-06
649:2008-07-06
623:2008-07-06
617:Inman News
598:2008-07-06
540:2008-07-06
509:2008-07-06
484:2008-07-06
459:2008-07-06
428:2008-07-06
397:2008-07-06
365:2008-07-06
340:2008-07-06
315:2008-07-06
290:2008-07-06
260:References
237:Membership
175:Fannie Mae
106:March 2014
76:newspapers
43:references
812:Responses
150:President
248:See also
192:Strategy
144:Creation
779:Impacts
220:Results
90:scholar
747:Causes
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155:asked
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592:(PDF)
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97:JSTOR
83:books
562:ISBN
243:here
177:and
162:and
128:The
69:news
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