The Hope Now Initiative is a program headed up by the Treasury Department, U.S. Department of Housing and Urban Development, and 11 loan services that hold 60% of the adjustable mortgages that are scheduled to increase their interest rates in the next 2-4 years. This will help the investors and homeowners that will not be able to handle the increase in their payment.

This also helps the lenders by eliminating foreclosures that the rate increase will cause. So, we won’t have to have foreign entities bail out our domestic banking industry. Does the Citigroup bail out bother anyone else? New York Times Business November 11, 2007 “Citigroup Sells Abu Dhabi Fund $7.5 Billion Stake” You can read the article at: Citigroup Sells Abu Dhabi Fund $7.5 Billion Stake - New York Times

The article on The Hope Now Initiative can be viewed on Inman Real Estate News: Lenders weigh plan to freeze rates on ARM loans

It seems that President Bush is being very proactive to save our banking industry and our families homesteads here in the United States. Between The Hope Now Initiative and House Bill 3648 it’s a start to avert disaster.

You can read my post on House Bill HR 3648 at:House Bill HR 3648

Help is on the way.

The Resident Mark