Housing bailout datapoint of the day

By Felix Salmon
May 8, 2009

Maurna Desmond reports:

Senior federal housing officials say that of 51 loans made under the [Hope for Homeowners] program, 50 were made by Melville, N.Y.-based Lend America, and those 50 loans are being held up pending ongoing federal investigations.

Yes, that’s the program which was meant to help 400,000 troubled borrowers. It turns out to have helped exactly 1.

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That program was so successful it has been renamed. The new name is: “Hope Homeowners Don’t Figure out There’s No Hope”(HoHoDoNoHo for short).