A creditor may not make a high-cost home mortgage loan without first receiving certification from a counselor with a third-party nonprofit organization approved by the United States Department of Housing and Urban Development, a housing financing agency of this state, or the regulatory agency which has jurisdiction over the creditor, that the borrower has received counseling on the advisability of the loan transaction. Counseling shall be allowed in whole or in part by telephonic means. The commissioner
(a) Establishment There is established in the Federal Housing Administration a HOPE for Homeowners Program. (b) Purpose The purpose of the HOPE for Homeowners Program is- (1) 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; (2) to allow homeowners to avoid foreclosure by reducing the principle 1 balance outstanding, and interest rate