WASHINGTON – Rep. Shelley Moore Capito (R-WV) today reacted with praise for a new report indicating that 869,000 mortgage holders will have a way to stay in their homes after receiving support through the HOPE NOW Alliance over the last six months. 

“It’s in the interest of both homeowners and lenders that people get to keep their homes,” noted Capito.  “Nearly 870,000 American families will have a way to stay in their homes because of the HOPE NOW Alliance, and I’m glad to see mortgage counselors, banks and homeowners coming together to find pragmatic ways to prevent foreclosure.” 

The Department of the Treasury and the Department of Housing and Urban Development encouraged the creation of HOPE NOW to better coordinate support for homeowners struggling amidst the subprime mortgage crunch.  Over the past six months, the HOPE NOW Alliance assisted approximately 545,000 subprime, and 324,000 prime mortgage holders. 

“HOPE NOW servicers are working hard to help more and more homeowners who are in difficulty, but we know there is much more to be done,” said Faith Schwartz, Executive Director of HOPE NOW.  “We will continue to find better and more innovative ways to get at-risk homeowners the help they need.”

Capito, the ranking member of the House Subcommittee on Housing and Community Opportunity, also expressed support for initiatives currently before Congress that will provide additional flexibility the Federal Housing Administration’s assistance for homeowners. 

“Congress just passed an economic stimulus package that includes long overdue reforms to the Federal Housing Administration,” noted Capito.  “We must have FHA modernization that provides the flexibility needed to adequately assist homeowners in need.”  

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