"Help Now" has been proposal by the National Community Reinvestment Coalition (NCRC), a nonprofit community advocacy group, to combat foreclosures . The plan calls for the government to buy up at-risk loans, restructure the terms to make them affordable and sell the reworked loans back into the secondary market.

"Help Now" aims to improve upon the efforts of "Hope Now", the alliance of lenders, mortgage servicers, non-profit community advocacy groups and investors led by the Bush administration to help troubled borrowers stay in their homes. The Help Now approach will be to make it easier for lenders to rework the terms of troubled mortgages.

Under this proposal, the government would allocate funds to buy up mortgages from investors in a reverse-auction process, at prices below the face value of the loans.  But the Treasury Secretary has adamantly opposed spending government money on any "bail-out" plans, because the idea would involve at least some seed money, and the second liens may not get repaid for years - if ever. " Source: CNNMoney.com

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