• The Heritage Network
    • Resize:
    • A
    • A
    • A
  • Donate
  • Hope and Irrelevance

    Explaining new Republican support for congressional action on housing, Sen. John Thune (R-SD) admitted to Politico: “You always want to be able to vote for something … Most people want to see us doing something and being responsive.” The “do something” mentality seems to be bipartisan on Capitol Hill as Rep. Barney Frank admitted it was “irrelevant” how many people would actually be helped by his plan: “I would hope a million [would benefit]. It’s irrelevant. There’s no downside. Why not try?”

    Well here is a reason to not try: the Frank plan will put billions of taxpayer dollars at risk and undermine the already successful Hope Now program. Hope Now is a voluntary alliance of scores of servicers, investors, counselors, and other mortgage market participants ranging from Catholic Charities to the Bank of America. Participants in the alliance seek to reach out aggressively to potentially at-risk, credit-worthy homeowners to help them rework their mortgages. With the help of the Hope Now alliance, the mortgage industry is helping more than 160,000 families a month to keep their homes either by modifying their loans or by developing more realistic repayment plans.

    Posted in Economics [slideshow_deploy]

    2 Responses to Hope and Irrelevance

    1. Pingback: Will The Bell Of Responsibility Never Sound?

    2. Pingback: Morning Bell: Stop the Bailout Parade Before It Gets Worse | The Foundry: Conservative Policy News.

    Comments are subject to approval and moderation. We remind everyone that The Heritage Foundation promotes a civil society where ideas and debate flourish. Please be respectful of each other and the subjects of any criticism. While we may not always agree on policy, we should all agree that being appropriately informed is everyone's intention visiting this site. Profanity, lewdness, personal attacks, and other forms of incivility will not be tolerated. Please keep your thoughts brief and avoid ALL CAPS. While we respect your first amendment rights, we are obligated to our readers to maintain these standards. Thanks for joining the conversation.

    Big Government Is NOT the Answer

    Your tax dollars are being spent on programs that we really don't need.

    I Agree I Disagree ×

    Get Heritage In Your Inbox — FREE!

    Heritage Foundation e-mails keep you updated on the ongoing policy battles in Washington and around the country.

    ×