What a joke! At some point the government is going to figure out that the key to solving the foreclosure crisis doesn't rest solely with the supply side of the equation - they MUST stimulate demand with goodies like tax credits, accelerated depreciation, low interest rates, and government-backed loans. Once you have demand, then guess what happens? Prices begin to not only stabilize ... but move up! And when prices move up, less people go into foreclosure, and less people walk away from homes that are under equity.
Ok, enough of my soapbox. You get the picture! The Hope for Homeowners Program is truly hopeless. Let's hope they start focusing on where the focus needs to be: encouraging new buyers of homes and investment properties!