The Real Deal Miami

Congress considers modifying mortgage program

February 04, 2009 04:43PM

Fewer than 500 applications have been filed for the Hope for Homeowners program, which was created last year to allow homeowners in danger of foreclosure to exchange their risky loans for 30-year fixed-rate loans at lower rates. Legislators are now hoping to revamp the program, which has so far approved only 25 of the 451 applications received. A bill now under consideration in a House of Representatives committee would lift some of the restrictions on who can qualify for the program and reduce program fees. But some consumer advocates say the changes would not do enough.