Marginal Revolutions

Hope Now Alliance is a effort between the United States government, lenders, investors, and counselors to help many homeowners who may not be able to pay their mortgages on their homes. This alliance was created in 2007 to help with the subprime mortgage crisis. The alliance has claimed to have helped over 1 million people avoid foreclosure through 2008. Many critics thought claim that this is not enough and that many more homeowners need to be helped.

In 2007 the then President, George W. Bush decided to take action and asked the Housing and Urban Development Secretary Alphonso Jackson as well as Henry Paulson to work with the Federal Housing Administration, Fannie Mae, Freddie Mac, mortgage lender, and foreclosure counselors to help avoid foreclosure. The official announcement for the Alliance was on October 10th, 2007.

The Alliance group promotes a twenty four hour telephone number that is toll free for distressed homeowners can call. This is known as the Homeowners HOPE Hotline. This hotline is available throughout the United States. This number offers homeowners facing or concerned about foreclosure. The phone number also gives people advice on how to work with their mortgage lenders as well as giving