Adam Glantz, the regional spokesman in the Manhattan Hud said "This program is designed to keep people in their homes and stabilize communities that might otherwise deteriorate in the event of massive abandonments,"

However, this is not a sure thing, the mortgager must be willing to take the loss and write down the loan that is insured by the Federal Housing Administration up to 90% of the appraisal value of the home.  In cases where the home is sold, the homeowner must be in agreement to share any appreciation with the Federal Housing Administration and the lender that refinanced them.

The HOPE for Homeowners (H4H) program is authorized by the Economic and Housing Recovery Act of 2008 and it will be in effect through Sept. 30, 2011.  Peter Marino, the president of Green Street Financial Group, who is a mortgage broker, has to say that "Without a doubt, banks don't want to foreclose."

Those homeowners that are eligible for the H4H should contact the nonprofit housing counselors that can help a case with mortgage.

ACORN (Association of Community Organizations for Reform Now) were at the City Hall on Wednesday, requiring immediate help as the housing crisis continued on the Main Street.

The H4H plan has caused many people to pretend they are in difficulty.  “One day last week, people who have been saying everything is fine, finally decided we are in a crisis and something had to be done,” said Pat Boone, President of NY ACORN.

Foreclosures are still heading at record number and millions of Americans are wobbling on the edge of losing their homes. According to ACORN, if the foreclosures continue, the home prices will fail to neutralize and Wall Street’s mortgage-backed assets will definitely continue to lose value and will remain illiquid making liquidation very complex for the banks that financed them.

ACORN states that there is truly nothing that is of real rescue in the proposed federal bailout of Wall Street.  Though they are going to address a few issues, they are not doing anything to change the roots of the foreclosure crisis, despite all such plans, the situation continues to deepen and broaden financial crisis.