Identify the specific goals of the HOPE for Homeowners Act of 2008 and the Foreclosure Prevention Act of 2008
The goal of the Homeowners Act of 2008 were to help prevent the eligible home owners from the act of loan defaulting and therefore to avoid closure. This objective was to be achieved by the process of fixed mortgage rate financing that was to be affordable in the long run. Hope for owners has been of importance in trying to meet its objectives since it has enabled the homeowners to keep their homes by aiding in the lowering of the monthly payment of mortgage of which it has ensured no change (Giannamore & Osach, 2009). That is to say that the low monthly payments of mortgage are constant and do not experience any change. It has also met its objective by ensuring that the homeowners get a thirty year period fixed rate of mortgage which is in other cases, extendable to a period of 40 years.
Foreclosure Prevention Act of 2008
The major objective of the Foreclosure Prevention Act of 2008 was to ensure that more families are in the position of accessing FHA program that was aimed at providing the safe and fixed mortgage rates. Another major aim was to assist the communities that are victims of the foreclosure and also to provide some pre-closure advices and counseling to those families that needed.
These objectives have been achieved by the act by ensuring that there is provision of $100 million on top of the funding that is given for the housing counseling. The act can be considered to have achieved the major objectives since it has ensured that the families that are victims of foreclosure get helped.
Source
Giannamore, R., & Osach, B. B. (2009). Navigating the mortgage minefield: Your complete guide to avoiding costly problems and finding the right loan in today's market. New York: AMACOM.
