Federal Housing Commissioner Brian Montgomery urged lenders Monday to take part in the Hope for Homeowners program but acknowledged some problems. "Explaining this to consumers, trying to explain the shared equity and appreciation, and training your staff is difficult," Mr. Montgomery told lenders at the Mortgage Bankers Association's annual convention in San Francisco. So far 100 lenders have signed up for the program and the Federal Housing Administration is fielding roughly 1,000 calls a day from interested borrowers, he said. "Please look into using this new product," he said. "The demand is not going to go away any time soon."
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