
Hope Now reports progress but Congress says it's not enough
2008-06-02
Author: Support Services, e-PRO
A mortgage industry alliance says that lenders gave a record amount of assistance to homeowners last month.
A group backed by the Bush administration to help stem the mortgage crisis, Hope Now, released Friday, May 30, 2008 that almost 183,000 borrowers received some form of loan workout in April of 2008. That was the highest monthly number since the effort started last summer.
However, lawmakers in Congress, say that the efforts are inadequate. They are pushing for a new $300 billion program to allow the government to back new loans for struggling homeowners. Supporters are hopeful that the measure could clear Congress by July 4, 2008.