5 states get $600M for foreclosure prevention

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Editor's note: This story has been corrected. A previous reference to this being the "final round" of Hardest Hit funding has been deleted. The Obama administration has released $600 million in TARP funds that are intended to help state Housing Finance Agencies assist an estimated 50,000 homeowners facing foreclosure in five states hit hard by unemployment.The Treasury Department announced today that it had approved plans submitted by HFAs in North Carolina, Ohio, Oregon, Rhode Island and South Carolina to allocate $600 million from the $2.1 billion "Hardest Hit Fund."The money will be used to support local initiatives ranging from assistance for unemployed homeowners to help them make their mortgage payments, to incentives for lenders to sign off on loan modifications and short sales.The Treasury on June 23 approved applications for $1.5 billion in funding from five states with high foreclosure rates -- Arizona, California, Florida, Michigan and Nevada. The program...