With the support of the Bush Administration a coalition, Hope Now, was formed to try and prevent foreclosure. The coalition would try to work with lenders to adjust loans of those home owners facing imminent foreclosure.

The coalition is now saying that they have had great success, helping to re adjust over 1 million mortgages. However, some skepticism has arisen as only 278,000 borrowers were able to have their mortgage terms altered, by having frozen or reduced interest rates. All other borrowers were given repayment plans, where missed payments are added to the loan duration: so if you miss a payment now you just pay for your loan for a longer amount of time. Those who feel that this program is not a success point out that this does not solve the problem, but again leads to an endless amount of debt. Austin King, the director of the Financial Justice Center for Acorn (the Association of Community organization for Reform Now), says "The reliance on repayment plans is one of the biggest failings of the lenders."

Henry Paulsen, the Treasury Secretary, pointed out that from December to January, loan modifications increased by 19% while foreclosure starts increased only by 5%. He said that, "I am encouraged that the number of borrowers receiving help is rising faster than the number entering foreclosure."