Today, President Bush unveiled his “solution” to the record rate of American home foreclosures in a speech from the Roosevelt Room in the White House. The president’s plan relies almost entirely the cooperation of a private sector group called the “HOPE NOW Alliance.”

I’m sure we are all so relieved now. I’m so HOPE-ful! What could possibly go wrong with a Bush plan?

Other than the vagueness of the “plan,” deficiencies in enforcement and complete lack of qualification criteria, who could question such a bold step by our ruler to prolong his artificial economic boom?

From the “Fact Sheet: Helping American Families Keep Their Homes” issued by the White House in coordination with the President’s speech:

President Bush announced that representatives of HOPE NOW have developed a plan under which up to 1.2 million homeowners could be eligible for assistance. Many individual homeowners feeling financial stress have “adjustable rate mortgages,” which typically start with a lower interest rate and then reset to a higher rate after a few years. The HOPE NOW plan is designed to help sub-prime borrowers who can at least afford the current, starter rate on a sub-prime loan, but will not be able to make the higher payments once the interest rate goes up. HOPE NOW members have agreed on a set of new industry-wide standards to provide systematic relief to these borrowers in one of three ways:

1. Refinancing an existing loan into a new private mortgage;

2. Moving them into an FHASecure loan; or

3. Freezing their current interest rates for five years.

What are these “industry-wide standards?” I called 1-888-995-HOPE, the toll-free number provided to answer such questions.

I spoke with a very nice woman named “Candice.” I asked, “What are the criteria for a person who wishes to move to an FHASecure loan or to freeze their current interest rate for five years.”

Her answer, while quite honest, lacked that “industry-wide standard” touted by the President. Candice informed me that such decision and criteria were done on a lender-by-lender basis. Mortgage companies’ participation is not only voluntary, but the standard by which they might grant the relief proclaimed by the White House is on a case-by-case basis and each lender has its own standards.

So much for “industry-wide.”

The only “service” the 1-888 “HOPE NOW” number provides, according to Ms. Candice, is “credit counseling.” No information, only a patch. Surprise!

So as President Bush blames consumers for overextending in buying homes they could not afford (rather than faulting lenders who sold defective and deceptive home mortgage products), he now offers only a window-dressing solution to keep his economy artificially inflated.

There is no solution in the “HOPE NOW” initiative. Only empty and vague promises.