Obama tries to revive hopeless “Hope for Homeowners” plan

Last fall the Administration unveiled its "Hope for Homeowners" program in the hopes it would allow some 400,000 troubled homeowners to swap risky loans for traditional 30-year fixed-rate mortgages with lower rates.

“Instead only a handful of borrowers have been able to qualify, and as of earlier this spring only one loan had completed the program. It was launched by the government last fall but has so far has been a failure, proving unattractive to banks required to absorb large losses.”

Having failed to come up with a program that makes sense, Treasury will now give $2,500 bribes to “to entice [banks] to participate.”

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