Tuesday, September 23, 2008

House Version of Bail Out Legislation.

Can be found HERE.

Note Section 8 on page 9, related to HOPE for Homeownership Program:

" SEC. 8. FORECLOSURE MITIGATION EFFORTS:
To the extent the Secretary acquires mortgages, mortgage backed securities, and other assets secured by residential real estate, the Secretary shall maximize assistance to the underlying mortgagors and use the Secretary’s authority as investor to encourage the servicers of the underlying mortgages, using net present value analysis, to take advantage of the Hope for Homeowners Program under section 257 of the National Housing Act or other available programs to minimize foreclosures."

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