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Resources for Homeowners Facing Foreclosure

Press Release

Date: Oct. 17, 2008
Location: Washington, DC
Issues: Finance and Banking Housing and Property

In July, the House of Representatives passed the American Housing Rescue and Foreclosure Prevention Act. This legislation established the HOPE for Homeowners Program, which will help 400,000 families keep their homes and maintain neighboring property values.

Borrowers who are in danger of losing their homes may refinance into a government backed, fixed rate mortgage that is insured by the Federal Housing Administration. Lenders will be required to revalue the home to ensure that they do not profit at taxpayer expense.

Additionally, borrowers who use the program will share a portion of any future sale of the property to offset the cost of the program.


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