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Tuesday, February 12, 2008

No Hope Now

by Calculated Risk on 2/12/2008 11:35:00 PM

From Ruth Simon and Tom McGinty at the WSJ: Earlier Subprime Rescue Falters

In the past two months, the 1-888-995-HOPE hotline received roughly 176,000 calls, according to the nonprofit Homeownership Preservation Foundation, which operates the hotline. During that time, hotline counselors recommended a workout for 9,975 borrowers -- and told an additional 4,410 people to "seriously consider selling their home," the group says. Another 12,113 borrowers were referred for in-person counseling and services such as job-placement help.
Nodoby could have known.