White House Moves To Help Distressed Homeowners

The White House says it will spend $3 billion to assist homeowners in distress by helping pay their mortgages.  The states with the highest unemployment rates will be the first to reap the benefits.  The federal Housing Finance Agency would distribute $2 billion through the so-called Hardest Hit Fund that was set up earlier this year.  The Housing and Urban Development Department would also make $1 billion available through a new emergency program authorized by the Dodd-Frank law regulating the finance industry.  This money will be given to homeowners who have lost their jobs and are in danger of losing their homes. Also, people whose medical conditions have limited their ability to work would also be eligible for assistance.  Homeowners would apply through their state housing agencies.  Eligible homeowners stand to receive no-interest loans up to $50,000 for up to two years.  They would have to provide records of good mortgage payment history prior to their change in employment or medical condition.  In addition, they would have to show a “reasonable likelihood” of resuming mortgage payments within two years. Critics say the relief programs are unfair to homeowners who are current on their mortgage payments. They also argue that much of the money is wasted because distressed homeowners usually default even after getting government help.

Short URL: http://newsplethora.org/?p=2477

Posted by newsplet on Aug 11 2010. Filed under Business, Featured News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

9 Comments for “White House Moves To Help Distressed Homeowners”

  1. trainman@gases.shoes” rel=”nofollow”>.…

    благодарен!…

  2. acknowledges@drier.meringue” rel=”nofollow”>.…

    tnx for info….

  3. liar@scottish.sintered” rel=”nofollow”>.…

    thank you!!…

  4. kenilworth@burgeoning.groupings” rel=”nofollow”>.…

    ñýíêñ çà èíôó!…

  5. scenario@diatoms.balustrade” rel=”nofollow”>.…

    áëàãîäàðåí….

  6. fluoroboride@mandamus.spectrophotometric” rel=”nofollow”>.…

    áëàãîäàðþ!!…

  7. classmates@als.pulled” rel=”nofollow”>.…

    ñïàñèáî!…

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