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HOPE Now Alliance
The HOPE Now Alliance is a new private-sector program negotiated by the federal government that should help borrowers with subprime adjustable rate loans that will reset in 2008 or 2009 avoid foreclosure. The voluntary plan encourages lenders to help qualified subprime borrowers refinance their loans into an FHA-insured or other more affordable mortgage without prepayment penalties. Lenders may also freeze the interest on ARM products at the introductory rate for five years to assist borrowers who are unable to qualify for refinancing.