Something that springs eternal brings us this week’s Marketplace Money buzzword: Hope Now.
Hope Now was created by the Bush Administration this week. It’s a coalition of major mortgage providers and counselors. Their task: To help troubled mortgage borrowers. More than 2 million mortgages will reset to higher rates soon. Many fear the economy could suffer if too many go into foreclosure.
So what’s Hope Now’s big plan? To send those borrowers mail and encourage them to seek counseling. Oh, so maybe if it doesn’t work, or the notices get lost in the mail, Hope Now will be called something else: “Pay Later.”