Not as much as it claims, according to the Office of Comptroller of the Currency, in reading this dispatch from the Housing Wire.
New York Times photo
Hope Now is the much-publicized effort by the Bush Administration and the mortgage industry rolled out late last year to freeze interest rates and help people stay in their homes.
It was announced just three weeks after Gov. Arnold Schwarzenegger announced his agreement with subprime lenders to work harder to save people from foreclosure.
We wrote about that effort's lack of spectacular results here in May.
About three months ago Hope Now Executive Director Faith Schwartz came to The Bee for a Q&A. She counseled patience and said the industry was ramping up to help people as fast as possible. Apparently, the OCC believes otherwise about the results of it all.
The Mortgage Bankers Association said last week in a press conference they believe Hope Now has helped in some places, notably the 20 states where foreclosure starts have leveled off and started to fall. It would be nice if that started to become a trend in California.
New York Times photoHope Now is the much-publicized effort by the Bush Administration and the mortgage industry rolled out late last year to freeze interest rates and help people stay in their homes.
It was announced just three weeks after Gov. Arnold Schwarzenegger announced his agreement with subprime lenders to work harder to save people from foreclosure.
We wrote about that effort's lack of spectacular results here in May.
About three months ago Hope Now Executive Director Faith Schwartz came to The Bee for a Q&A. She counseled patience and said the industry was ramping up to help people as fast as possible. Apparently, the OCC believes otherwise about the results of it all.
The Mortgage Bankers Association said last week in a press conference they believe Hope Now has helped in some places, notably the 20 states where foreclosure starts have leveled off and started to fall. It would be nice if that started to become a trend in California.
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