On September 4, 2008, HUD published in the Federal Register a notice describing the organization and functions of the Board of Directors of the Hope for Homeowners Program. The Hope for Homeowners Program was authorized in the recently enacted Housing and Economic Recovery Act of 2008. The purpose of the program is to help homeowners avoid foreclosure by restructuring their debt to a level that can be supported at affordable payment levels. Program participation is voluntary and is subject to conditions and restrictions. The legislation that brought the program into being specified that its board should be comprised of the Secretaries of HUD and Treasury, the Federal Reserve Chair, and the Chair of the FDIC board. The notice states that the HUD Secretary or designee shall serve as chair of the program board.
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