All Articles Tagged "mortgage assistance"
(New York Times) — In summer 2010, Congress set aside $1 billion for a program intended to bail out people in danger of losing their homes to foreclosure. It was estimated that the program, administered by the federal Department of Housing and Urban Development, would help as many as 30,000 households. But the program is now ending after achieving lackluster results and stirring widespread recrimination. Fewer than 15,000 households are expected to receive help despite enormous demand, and perhaps half of the money will go unspent. The department attributed the program’s performance to the way it was set up by Congress. But RepresentativeBarney Frank, Democrat of Massachusetts, an author of the legislation, said the program’s failings were a result of poor administration and the department’s late start in rolling it out.
(Washington Informer) — Governor Martin O’Malley today announced a $40 million program to assist homeowners in addressing back mortgage payments. The funding comes from the U.S. Department of Housing and Urban Development with the goal of helping homeowners who are facing foreclosure due to job loss or a decrease in wages, including those who lost income due to illness. “Even as we move beyond the fallout of the subprime mortgage and predatory lending crisis, there are still too many families in our State struggling to make ends meet,” said Governor Martin O’Malley. “Thanks to our federal partners, this program will strengthen an important safety net for unemployed homeowners and protect the investment they made in the American dream.” ”The Emergency Homeowner Loan Program will provide limited and targeted assistance to help working families get back on their feet and keep their home while they look for work,” said Secretary of Housing and Urban Development Shaun Donovan. “We are pleased to get the program off the ground in Maryland, which is already working to help keep families in their homes during difficult economic times.”