HOPE for Homeowners program
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The HOPE for Homeowners program was a federal initiative designed to help struggling U.S. homeowners avoid foreclosure by refinancing into more affordable, government-insured mortgages.
Aliases (1)
Statements (48)
| Predicate | Object |
|---|---|
| instanceOf |
United States government program
→
federal housing assistance program → |
| administeredBy |
Federal Housing Administration
→
U.S. Department of Housing and Urban Development → |
| appliesTo |
residential mortgages
→
single-family homes → |
| benefitType |
longer loan term
→
lower interest rate → reduced principal balance → |
| country |
United States
→
|
| criticizedFor |
complex eligibility requirements
→
low enrollment compared to expectations → |
| eligibilityCriterion |
ability to afford new reduced mortgage payment
→
evidence of financial hardship → owner-occupied primary residence → |
| feature |
aimed to lower monthly mortgage payments
→
offered fixed-rate mortgages → required borrower to share future home price appreciation with the government → required lenders to write down principal balances → |
| financingMechanism |
FHA-insured mortgages
→
|
| goal |
encourage loan modifications and write-downs
→
prevent avoidable foreclosures → |
| hasAcronym |
H4H
→
|
| implementedAs |
government-insured mortgage refinance program
→
|
| inception |
October 2008
→
|
| industry |
mortgage lending
→
|
| jurisdiction |
United States federal government
→
|
| legalBasis |
Housing and Economic Recovery Act of 2008
→
|
| mechanism |
refinancing existing mortgages into new FHA-insured loans
→
|
| partOf |
U.S. federal response to the housing crisis
→
|
| policyType |
foreclosure prevention
→
mortgage refinance assistance → |
| purpose |
help struggling homeowners avoid foreclosure
→
provide more affordable mortgages → reduce mortgage defaults → stabilize the housing market → |
| regulator |
Federal Housing Administration
→
U.S. Department of Housing and Urban Development → |
| relatedTo |
2007–2008 financial crisis
→
foreclosure crisis in the United States → subprime mortgage crisis → |
| riskManagement |
government mortgage insurance
→
|
| sector |
housing
→
|
| startTime |
2008
→
|
| status |
limited participation and uptake
→
|
| targetPopulation |
distressed homeowners
→
homeowners at risk of foreclosure → subprime mortgage borrowers → |
Referenced by (3)
| Subject (surface form when different) | Predicate |
|---|---|
|
Cranston-Gonzalez National Affordable Housing Act
("HOPE homeownership programs")
→
|
createdProgram |
|
Public Law 110-289
→
|
establishes |
|
Housing and Economic Recovery Act of 2008
→
|
establishesProgram |