We covered the HEMAP plan and Barney Frank’s push for it. It was added to the FinReg bill. It is absolutely the case that unemployment is driving housing defaults now and that the HAMP program does not help the unemployed, despite UE lasting for close to 99 weeks in most cases, the debt levels of those in default are just too high.
Barney Frank and Team Obama’s larger housing vision seems to be centred on a transition to Section 8 status for a majority of the foreclosures FAN FRED FHA are taking onto their books.
It began with FAN Deed4Lease program under which homeowners rent their homes back from Uncle Sam. And the Section 8 roll out is already underway and by the time we get 6 months into ’11 when Timmeh claims we will have an outline for their plan for FAN FRED FHA, it will be a fait accompli.
The problem I have with all these plans is the g-d lenders who brought this tumbling down skate away with the taxpayers forced to eat the FAN FRED FHA losses which, don’t kid yourselves will be $1trillion easily IMO.
The $400B dollar scribble- It was DEMOCRATS who went apoplectic yesterday when the big banks called them wailing over GOP Rep Jeb Hensarling having penciled in FAN FRED as ‘financial institutions’ under the FinReg draft on banks paying to wind down big financials that fail. They FREAKED OUT at the THOUGHT of having to pay for the GIANT SMOKING CRATER THEY CREATED. And the Democrats ran to help them avoid that fate, leaving it ALL on US, the taxpayers.
It seems to be the end of the residential housing market as we jave known it. Frank is constantly stressing his affordable rental housing schtick nowadays.
If this helps some families get past the transition, it seems overall a small price to pay at $1B, the $85b in HAMP seems to have done absolutely nothing, worse than nothing the extend and pretend has been a PAINFULLY slow tearing off of the band aid, and we are only halfway through the process.But families be cautious, don’t put yourselves Back on the Chain Gang before next year, housing prices are still cratering and when Uncle Sam is done I don’t know what value the homes we are holding may be worth.
Who the hell knows. And IMAGINE what this will do to RENTAL HOUSING PRICES. Landlords will be competing with Uncle Sam setting ‘fair rental rates’ GOOD GAWD!
And that assumes we get some spending restraint and just restraint in general from the Congress and a new POTUS in ’10 and ’12. Let’s hope there is a housing market left to rehabilitate when we get there.
The shxtty part is again they added a tax to pay for this newest $1b program. Had they done HOLC but noooooo. Credit Suisse couldn’t have that! frakkers.
Why the hell not use the $$$ sitting in the HAMP TARP fund? That is how the funding was originally proposed. Frank tried also to use repaid TARP funds for this. Now it is funded by a bank tax IOW passed on to us in fees, shxt! Good Gawd Almighty what don’t they understand about no money left in the till..
Unemployed homeowners will be able to tap $1 billion in federal bridge loans to pay their mortgages, under a deal worked out by congressional negotiators in financial-overhaul legislation.Under the program, people who cannot make their mortgage payments because they are ill or out of work would get a stopgap loan from the government.
House members fought for $3 billion in such loans, but ultimately settled for $1 billion as negotiations ground on into Friday morning. Both chambers of Congress must now approve the deal worked out by the negotiators.
Joblessness has eclipsed risky mortgages as the biggest driver of U.S. foreclosures. Meanwhile, the rules of the Obama administration’s foreclosure-prevention effort make it difficult for the unemployed to get loan modifications under the program….
Housing: Team Obama plans to ‘poll’ Americans to see what we want to do with Fannie, Freddie? Where is the leadership?! plus Ben Bernanke testifies before JEC…
Update: Ahh HousingWire says they are taking responses to their poll via the Register first. Team Obama’s answer for everything is a meeting, a poll, a panel, typical faculty lounge stuff, lol
The administration said it will first seek public response via the Federal Register listed at regulations.gov. The administration will then hold a series of public forums on housing finance reform.
Update: HousingWire has the details on the ‘poll’ Team Obama plans to take, what a disgrace! Should have and still should just do HOLC, but then Credit Suisse and UBS might take a loss, Gawd Forbid, but it is fine if taxpayers shoulder it, I call shenanigans….
The Obama Administration today puts the public behind the mic on the reform of the US housing finance system, including Fannie Mae and Freddie Mac. A list of questions published today targets the opinions of mortgage market participants, industry groups, academic experts and consumer and community organizations, according to an e-mailed statement from the US Treasury Department.
Here is the Treasury Press Release:, they do not list where to send your input, lol, but here is their contact info:
Department of the Treasury
1500 Pennsylvania Avenue, NW
Washington, D.C. 20220
General Information: (202) 622-2000
Fax: (202) 622-6415
7:23: Shaun Donovan (HUD Sectry) says he does NOT believe the stress on housing affordability fueled the crisis and that it was vagueness in the programs that was a problem. Oh boy.
Ed Royce R-CA is disputing this and citing Geithner’s previous testimony that the GSEs used the affordability mandates to buy bad loans…well yeah!
Okay we’re 20 mins in and it’s a smack down, you must watch this hearing!
now Mel Watt D-NC is talking up low income rental housing and the GSE roles in that. This is one of Barney Frank’s pet plans. I have long said they will take these foreclosed homes and convert them to Section 8 after families lose them. Unreal.
7:20 am AZ time: Watch the hearing live now here
ZOMG!! BUY A FRAKKIN CLUE TEAM OBAMA!!!! Lordy, Lordy..I thought these guys were SOOPER GENIUSES who had a plan before he even took office!
Now we have an uncapped FAN FRED FHA debt growing exponentially and they want to take a frakkin poll? Are you frakkin kidding me?!
The hearing with the House Financial Services Cmte has begun and Spencer Baucus R has nailed the issue-
Ranking Member Spencer Bachus gives opening remarks at a Financial Services hearing on the future of housing finance, where the Obama Administration failed to provide a plan for reforming Fannie and Freddie.
If that hearing doesn’t terrify you, see Ben Bernanke live here before the Joint Economic Cmte suddenly acknowledging we have a serious fiscal crisis and need immediate action, funny he didn’t say that before they rammed down the Obamacare bill huh? frakker.
HOUSING UPDATE – Financial Services Cmte asking for your experiences with JPMorgan Chase ahead of hearing tomorrow…
Update: There is another hearing tomorrow, see today’s hearing here:
April 13th from prepared testimony reads more like a PR show by the banks.
April 14th will be the regulators the National Law Center and those pro HAMP vs The Bankers Assoc and others
Both will be broadcast live
Barriers to Principal Reduction
April 13: House Financial Services Committee
The Recently Announced Revisions to HAMP
April 14: House Financial Services Committee
RE: Congressional Hearing in Washington DC, Tuesday 4/13/10, 10am with the Financial Committee.
Okay peeps, if you have a HAMP experience you would like to relate to the House Fin Svcs Cmte ahead of the hearing tomorrow on HAMP and servicers please contact as follows with your experience:
Just had a phone call from Brendan Woodbury – who is also handling tomorrow’s House Financial Services Committee hearing
He said for me to asap FAX over all I have – I asked him if it would be ok to have others do the same – he said by all means.
FAX ASAP what you have gone through to
Congressman Barney Frank
MARK URGENT – PERTAINS TO FINANCIAL MEETING 4/13/10
FAX to (202) 225-0182
The head of mortgage lending for JP Morgan Chase David Lowman entered testimony suggesting a Quick turn around and assistance for any homeowner trying to stay in their home.
More info here including David Lowman’s prepared testimony (click on the link to his name).
House Financial Services Committee
Any HAMP applicant, after either introducing you to their friend..RALPH!, or laughing deliriously in response, will happily hand over evidence of, in most cases, 15+ months of fruitless attempts to work with the servicers on HAMP.
HAMP is all voluntary. HAMP to date, is extend and pretend to keep homes off the market until the deluded banks think prices will come back. Forecasts suggest 15 YEARS before prices are back in sand states.
In written testimony prepared for a hearing in Washington Tuesday of the House Financial Services Committee, some of the nation’s top mortgage lenders warned of the risks of relying heavily on forgiving principal as a means of averting foreclosures and argued for concentrating mainly on other methods, such as reducing interest rates….
These banks forget TARP, its entire purpose as written was to buy bad home loans and relieve the foreclosure crisis that led to the financial collapse. Instead they got a free ride, FED continues to give them free money, they have rates so low savers are punished, they continue to devalue our dollar so we have less purchasing power, and they won’t fix the damn housing issue which is back with a vengeance.
If they will not work out the loans to resolve the issue, then the House needs to go ahead and do the cram down bill instead, which we have been opposed to until now. The banks need to share the economic pain they brought upon us all.
If we had LET THEM FAIL, they would’ve done write downs themselves to keep afloat. Our interference with TARP let them avoid the principal writedowns to begin with.
One more time – FAN FRED FHA back all these loans anyway, the TAXPAYERS are ALREADY on the hook. Not working through mods quickly with writedowns means walkaways continue apace. They are accelerating and the recent FAN home attitudes survey showed fully 15% of those surveyed agreed it was ok to walk away if facing financial difficulty making payments.
…When asked if financial distress makes stopping payments on an underwater mortgage acceptable, 15 percent of respondents said yes in Fannie Mae’s National Housing Survey, a remarkable level of public acceptance for homeowners who walk away from their mortgages in light of the growing number of defaults in Fannie Mae’s portfolio.
Both delinquent mortgage borrowers and those current on their mortgage payments are more than twice as likely to have seriously considered stopping their payments if they know someone who has already defaulted, according to the survey released today.
Underwater borrowers were more than twice as likely to be behind on their mortgage payments and were more than twice as likely to believe stopping payments was acceptable than borrowers who were not underwater. Only 33 percent of respondents cited their moral qualms as a factor motivating them to pay their mortgage…
Even conservatives are FINALLY accepting HOLC (HomeOwnersLoanCorporation like in Depression)- CATO INSTITUTE!
…The omission of recourse has been a major flaw of the Obama loan modification plans. If the taxpayer is putting something on the table, then borrowers should be expected to do the same. During the Great Depression, FDR recognized as much.
The primary New Deal vehicle for addressing foreclosures was the Home Owners Loan Corporation. The HOLC required recourse and practiced it. In fact, approximately a third of HOLC revenues were from deficiency judgments against delinquent borrowers, including wage garnishment. Perhaps there are some parallels to today, as the HOLC found the second most common reason for foreclosure to be “obstinate refusal to pay.”
FDR recognized that many delinquent borrowers could afford neither their mortgage nor a deficiency judgment; we must recognize the same today. Recourse is not a cure to stop every foreclosure. It is, however, a proven method for reducing some foreclosures…
and now admit it would have been better in 08. Gee who said that? Hillary that’s wh0.
…First, we must address the skyrocketing rates of mortgage defaults and foreclosures that have buffeted the economy and ignited the credit crisis. Two million homeowners carry mortgages worth more than their homes. They hold $3 trillion in mortgage debt. Nearly three million adjustable-rate mortgages are scheduled for a rate increase in the next two years. Another wave of foreclosures looms.I’ve proposed a new Home Owners’ Loan Corporation (HOLC), to launch a national effort to help homeowners refinance their mortgages. The original HOLC, launched in 1933, bought mortgages from failed banks and modified the terms so families could make affordable payments while keeping their homes. The original HOLC returned a profit to the Treasury and saved one million homes. We can save roughly three times that many today. We should also put in place a temporary moratorium on foreclosures and freeze rate hikes in adjustable-rate mortgages. We’ve got to stem the tide of failing mortgages and give the markets time to recover.
Update: Sales of existing homes fall 0.6%, third month of declines. This data is PRIOR to the snowstorms, so dont believe anyone who spins it as weather related. That housing credit did just what clunkers did, it borrowed against future sales….
Key housing data points on sales coming in today (Feb home sales 10:00 am) and the critters on the Hill have decided to turn their ‘laser like focus’ to housing (Fannie Mae, Freddie Mac). And it only took them 5 years. Quick on the uptake these critters eh? Meanwhile it looks as though FAN and FRED have RADICALLY cut back on loan volume..which would be good if we were getting them out of the business, but we aren’t so what’s happening?
The government seized control of Fannie Mae // and Freddie Mac // massive companies that purchase home loans, package them into investments and guarantee them against default. The price tag has been huge—$126 billion and growing.Now comes the hard part: figuring out what to do next.
“They have a separate regulator and they are a structural problem that is very large and very difficult to deal with separately,” Paul Kanjorski, Chairman of the Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, told CNBC.
Well what does Team Obama plan for housing? (beyond the ‘extend and pretend’ BS where they string homeowners along on HAMP) Well they are voting PRESENT …AGAIN…real shockah there eh?
With the Obama administration largely mute on the issue, Congress will hold its first hearing Tuesday about how to restructure the mortgage system in the wake of the financial crisis.
…Since the government took over Fannie and Freddie, Obama officials have given few details on their long-term thinking, apart from saying that they want to delay a legislative proposal until next year. In the meantime, officials plan to seek public comment on a list of questions to be published next month….
So in this case, like every other, Obama lets Congress, specifically the House and Pelosi, lead the way. I guess that was the ‘signed, sealed, delivered’ deal he and Pelosi made when she selected him as our candidate . As usual the two parties are diametrically opposed:
Kanjorski said he was favoring some smaller Fannies and Freddies, with some government connection, so if they fail they will not bring the system down with them….
Rep. Spencher Bachus, ranking Republican on the committee, said in a subsequent CNBC interview that he would prefer government exit the industry entirely. “We need to phase it out over time,” he said. “America is about competition and innovation. The federal model simply is not the efficient model.”
So when will this CORE ECONOMIC ISSUE, be addressed?
…Working out a new system is likely to take years. For the time being, the market is still resting on three government pillars: Fannie, Freddie and the Federal Housing Administration.There has been plenty of talk in recent months about how to scale back reliance on those behemoths, which own or guarantee half of all mortgages….
Barney Frank is pushing Treasury for at least some kind of outline of their FAN FRED HOUSING plan. Gee maybe some of the critters realize they will not have a majority much less Chair of the Cmte, much longer….
Fannie Mae and Freddie Mac won’t be allowed to return to a precrisis structure that rewarded shareholders with big profits for years but ultimately saddled taxpayers with massive losses, Treasury Secretary Timothy Geithner will tell a congressional panel Tuesday.
The administration will outline broad principles for the future of the mortgage market at the hearing, including stronger consumer protections and explicit guarantees for any government backstop of mortgages.
“The housing-finance system cannot continue to operate as it has in the past,” Mr. Geithner says in prepared testimony. The administration won’t issue a detailed overhaul proposal until later this year.
The hearing comes as Congress turns up the pressure on the administration to discuss how it plans to rebuild the mortgage market, the recipient of massive government support since the credit crunch began more than two years ago.
“We need people to start focusing on it. Nobody was coming up doing the hard thinking,” said Rep. Barney Frank (D., Mass.), who said he called the hearing to accelerate debate on the future of Fannie and Freddie…
…Fannie and Freddie, together with the Federal Housing Administration, now back more than 9 in 10 home loans….
Housing: Bankruptcy Cramdown/Judicial Modification Amendment in Financial Regulation bill; Frank okays CBC Amendment for 3 billion in loans to unemployed homeowners, also allows HUD to fund states’ HEMAP programs…
Lots of action taking place ahead of the House vote on Financial Regulatory Reform. Much of it focused on housing.
Responding to concerns from the Congressional Black Caucus, House Financial Services Committee Chairman Barney Frank has attached a provision to broad bank regulation reform legislation that would allocate $3 billion in bank bailout funds to help unemployed homeowners stay in their homes. The provision is expected to be included in major bank reform legislation, which is set for three days of consideration by the House of Representatives beginning Wednesday evening.
…The House Rules Committee is scheduled to debate and decide which amendments will be permitted to be considered on the House floor at meetings Tuesday and Wednesday. Read amendments here.
...Frank agreed to allocate $3 billion in additional funds from the $700 billion Troubled Asset Relief Program for emergency mortgage relief for unemployed homeowners. Already $50 billion in TARP funds is being used for an Obama administration mortgage modification program.The measure would allocate the funds to the Department of Housing and Urban Affairs, which would use the funds to give out fixed-rate, low-interest loans to unemployed people facing foreclosure. However, the aggragate amount of assistance for any homeowner is prohibited from exceeding $50,000.
The program also allows the HUD secretary to allow funds to be administered by a state with a similar program. For example, HUD may have authority to provide TARP funds to the Pennsylvania-based Homeowners’ Emergency Mortgage Assistance Program, or HEMAP, which gives government bridge mortgage loans to people who have recently lost their jobs. Under HEMAP, loans do not accrue interest until the participant’s income is restored.
Frank also attached a provision that would provide an additional $1 billion in TARP funds for an existing neighborhood stabilization program…
Go read the whole piece for more on the bankruptcy cramdown amendment, which may face better odds in the Senate this time around given the failure of the HAMP program and the imminent second leg down in housing.
Palin said if GOP ticket had won last year, she would be veep and Biden would be “selling his book, Going Rogaine.”
Palin tells gridiron she loves her hotel room in DC: “I could see the russian embassy”
Palin takes a shot at steve schmidt, “if I ever need a bald campaign mgr,it appears all I am left w is james carville.”
Palin joke in speech re book travels : “the view is so much better from inside the bus than under it.”
Palin said she was addressing “leading journalists and intellectuals, or as I put it, a death panel.”
Palin said “sometimes you’ve got to trust your instincts and when you don’t, you end up in places like this ”
Palin jokes big announcement: “tomorrow I am going to Iowa ……noon to 3p at barnes & noble ”
Palin tells gridiron that in dc “I went out for a jog. Or as newsweek calls it–a photo shoot.”
Palin at gridiron jokes normally dem speaker next but: “McCain campaign staff asked if they could have that time for rebuttal.”
Update: Oh this is rich, Andy Stern and SEIU are having an ‘end too big to fail’ rally outside Golden Slacks, it sounds like they are actually supporting the Dodd position which the WH is NOT supporting but we know Andy Stern is there (WH) more than anyone else…so are they ‘accidentally’ using the same words as Jamie? Are they helping to keep Golden Slacks’ negative profile so high they don’t bid on taking any of the assets in the FDIC bank seizure sales? (Jamie is against the Dodd too big to fail legislation because he reportedly wants to buy some of those assets and Golden is a competitor…is the WH not really against the Dodd legislation and lying to Jamie? Is Stern just greedy or is this planned? man oh man…)
…a couple hundred of them — led by Service Unions International Union president Andy Stern — plan to gather outside of Goldman Sachs’ Washington offices Monday morning to protest the firm’s mega-bonuses, and demand the end of the “too big to fail” doctrine, according to a press release.
The event will be held outside 101 Constitution Ave. N.W., an office building that’s home to many of the most powerful lobbyists and corporations in town, including Goldman. It’s also where you can find POLITICO’s Capitol Hill bureau (in the basement).
Among their demands, the protesters will say that Goldman bankers should donate their reported $23 billion in bonuses to foreclosure prevention programs….
wow. We supported Jamie Dimon for Treasury Secretary. Face it Geithner already gave billions to the banks via AIG and CITI, may as well have a TOUGH fox guarding the hen house, and Jamie is the toughest. Paul Volcker who gets wheeled out for the occasional photo-op is clearly being ignored, treated like the ‘crazy Uncle’, as Charlie Gasparino puts it. Obama is listening to only one banker it seems, Jamie who has vested interests in keeping things as they are.
Airtime-Fri. Nov. 13 2009 – 12:50 PM ET – CNBC’s Charlie Gasparino has the details on whether Jamie Dimon is too powerful.
Jamie Dimon- ‘No Bank Should be Considered Too Big to Fail’
…Dimon, in a Washington Post opinion piece, said the government shouldn’t provide artificial life support to banks that don’t perform. “The term ‘too big to fail’ must be excised from our vocabulary,'” Dimon wrote in Friday’s Post.Yet he said it shouldn’t be the size of the institution that drives the new regulatory policies being considered in Congress but rather their ability to manage risk and provide the best services for customers.
Housing Update & Mortgage Modification Plan and Foreclosure Assistance Resources; HEMAP – targeting Treasury’s housing funds to loans for unemployed homeowners, Barney Frank’s proposed bill…
Our previous post on Rep Frank (D-MA) proposal on extending some of the TARP and/or stimulus funds targeted for housing to a program that loans money to unemployed homeonwers to make their mortgage payments here.
A model is emerging in the hearings on the Hill, HEMAP (WSJ):
(…)The proposal to keep out-of-work homeowners in their homes, which was discussed at an oversight panel field hearing last month in Philadelphia, could be based on Pennsylvania’s Homeowners’ Emergency Mortgage Assistance Program.
With HEMAP, which was established in 1984, Pennsylvania state officials provide a two- or three-year loan to a jobless homeowner, depending on the individual’s finances and the economic situation. Using that program, homeowners aren’t responsible for repaying the vast majority of the principle or any of the interest on the loan until he or she finds a job.
Specifically, a struggling homeowner participating in the Pennsylvania program, which has depleted resources, requires jobless homeowners pay a token $25 a month until they get another job and their gross income surpasses 35% of their monthly housing costs, including mortgage and utility payments.
In some cases, when the household has some income, the payments would be made partly by the homeowner and partly by the state…
HUD has been lobbied for the legislation/program and they and Treasury sound positive on its implementation, my problem is the Frank legislation wants to use repaid TARP loans and I think they need to end TARP in December and use stimulus money or some of the 50b sitting in the HAMP fund instead:
…According to people familiar with the Obama administration mortgage modification program, officials from the Housing and Urban Development agency have met with Pennsylvania officials responsible for the development of the HEMAP program to discuss whether the state program could be expanded nationally. The presentation was met with a positive response from the HUD officials, they said. A federal official familiar with the mortgage modification program said the meeting took place and “a range of options are being discussed to expand the mortgage modification program nationally.”
Meanwhile, Neiman said he plans to discuss the HEMAP program with key Treasury officials as well as HUD Secretary Shaun Donovan. “I would propose that Treasury consider using TARP funds to fund existing or future state emergency mortgage assistance programs,” Neiman said.
Treasury spokeswoman Meg Reilly said the department continues to study further ways to help unemployed homeowners. …She pointed out that the Treasury’s $50 billion modification program, known as the Home Affordable Modification Program, or HAMP, is open to the unemployed.
Sadly since Treasury has not agreed to open their NPV test and have the servicers give detailed explanations for denials on HAMP applications (as FDIC did with the IndyMac mods), there is no way to verify that underwriters are in fact properly considering the unemployed. Anecdotally I can say from all interviews I have seen with servicers they say the unemployed cannot be helped, I would not count on them considering these apps until I have seen it.
However, Dodds argues that even though the HAMP program is open to the jobless, it isn’t being used effectively to help them. “It’s real chaos with the mortgage companies trying to get HAMP going,” Dodds said.
He adds that, unlike the HAMP program, a federal loan approach to the jobless could help a large number of people in a short period of time. It also solves the concerns of mortgage servicers who complain they will be sued by mortgage securities investors who argue that these lenders will file lawsuits against them for modifying mortgage payments, he said….
I can attest to the chaos with HAMP applications and servicers :( I will recuse myself from commenting further on this program, cause there but for the grace of God go I…I will say if the banks arent going to modify loans effectively and Team TOTUS cannot see that tax increases, increased deficit spending and regulation will hamper growth and job creation, well in that scenario which seems more and more likely, we may see extended high unemployment for years (in the economic forecasts of PIMCO for one example the ‘new normal pretty much sucks). Anyway if this is the case we may really want to consider programs like this, if nothing else it is a way to directly stop the housing bleeding as a result of the rolling foreclosures tied to unemployment…
but it burns me to think of taxpayers loaning other taxpayers money to pay the banks that all the taxpayers loaned all our money to to begin with because the banks will not modify the damned loans.
Since fannie and freddie are backing most of these loans, that is ALSO the taxpayers funding the losses! so we are loaning ourselves money to pay banks who we loaned money to service loans and transfer funds to FANNIE FREDDIE whom we own and whom we also are loaning money to keep afloat. What the hell kind of outfit is this government running? How many times do we have to loan ourselves money in and out of many government pockets with banks making transfers? Why cant we just do the damned HOLC like HRC proposed in oh what 2007 now, she first raised it in 2005…we could have bought the houses many times over and stopped the bleeding, but then we couldn’t line many pockets eh? the frakkers.
Making Home Affordable Treasury Program
e.Fannie Mae.com (servicer updates)
HUD- Department of Housing & Urban Devlopment
Fannie Mae mortgage customers call Fannie Mae at 1-800-7FANNIE (1-800-732-6643) or www.fanniemae.com/homeaffordable
Freddie Mac mortgage customers call Freddie Mac at 1-800-FREDDIE (1-800-373-3343) or www.freddiemac.com/avoidforeclosure
VA mortgage customers (thank you for your service) vall VA Financial Counselors at 1-877-827-3702 or www.homeloans.va.gov
Hope Now Alliance (Hank Paulson’s Plan) 1-888-995-4673 or www.hopenow.com