Hope For Homeowners

The HOPE for Homeowners program (H4H) has been unveiled to assist homeowners at risk of foreclosure. The HOPE for Homeowners program will refinance mortgages for borrowers who are having difficulty making their payments, but can afford a new loan insured by HUD’s Federal Housing Administration (FHA).

“For families struggling to keep up with their mortgage payments, this program will be another resource to refinance into a loan they can afford,” said HUD Secretary Steve Preston. “FHA remains a safe and affordable alternative to the high-priced mortgage loans that threaten homeowners’ ability to retain their homes. We strongly encourage borrowers to work with their lenders to determine if HOPE for Homeowners is the right program for them.”

$700B Bailout Bill Becomes Law

WASHINGTON (AP) – With the economy on the brink and elections looming, Congress approved an unprecedented $700 billion government bailout of the battered financial industry on Friday and sent it to President Bush for his certain signature.

The final vote, 263-171 in the House, a comfortable margin that was 58 more votes than it garnered on Monday. The vote capped two weeks of tumult in Congress and on Wall Street, punctuated by daily warnings that the country confronted the gravest economic crisis since the Great Depression if lawmakers failed to act.

Bush was poised to make a statement on the historic vote.

National Debt Clock Running Out of Room

Well, it looks like the National Debt Clock is about to be replaced. Why? Because it has room for only 13 digits, not 14 that will be required for our quickly approaching national debt of $14 trillion. With today’s looming financial crisis, I guess it won’t be very long before that 14th digit space will be needed.

It’s amazing how our government’s financial situation and families financial burdens across the nation are similar. They’re both bogged down in the “D” word—DEBT. We as families and individuals have to get out of debt, and we need to start now.