Purpose- The purpose of the HOPE for Homeowners Program is--

a) to create an FHA program, participation in which is voluntary on the part of homeowners and existing loan holders to insure refinanced loans for distressed borrowers to support long-term, sustainable homeownership;

b) to allow homeowners to avoid foreclosure by reducing the principle balance outstanding, and interest rate charged, on their mortgages;

c) to help stabilize and provide confidence in mortgage markets by bringing transparency to the value of assets based on mortgage assets;

d) to target mortgage assistance under this section to homeowners for their principal residence