Industry NewsMortgage

$3B in new help for jobless homeowners

'Hardest Hit' funding nearly doubled to $4.1B in 18 states
Published on Aug 11, 2010

The Obama administration announced today that it will nearly double the size of a "Hardest Hit" foreclosure prevention fund to $4.1 billion, with an additional round of $2 billion in funding to state housing finance agencies that expands the program from 10 to 18 states and Washington, D.C.The administration also said the U.S. Department of Housing and Urban Development will launch a complementary $1 billion Emergency Homeowners Loan Program to provide up to 24 months of assistance to unemployed homeowners at risk of foreclosure.In two previous rounds of "Hardest Hit" funding, the Treasury Department funneled $1.5 billion to five states with high foreclosure rates (Arizona, California, Florida, Michigan and Nevada), and $600 million to five states with high unemployment (North Carolina, Ohio, Oregon, Rhode Island and South Carolina).Now, the Hardest Hit Fund is being expanded to eight additional states: Alabama, which will receive $60.7 million; Georgia ($126.6 mill...

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