Part of the loan modification plan and does not have to get congressional approval. It will keep people in their homes, while they are struglling to make ends meet!
Join me over the jump for discussion:
Last week I was admonished for bringing a report from reuters that the POTUS would be helping out underwater homeowners. Most of you here called me crazy! This will never happen, some of you said. And some of you here said it was just a rumor! REALLY? Well, eat your hat!
Here is an excerpt:
[The $3 billion will be divided among the District of Colombia and 17 states hit hardest by the housing crisis and high unemployment. The new cash infusion means the total cost of the program, intended to help the unemployed hold on to their homes, is now $4.1 billion.
"We remain committed to helping struggling homeowners, and this program will provide additional assistance to states hit hardest by unemployment," said Herb Allison, assistant secretary for financial stability at Treasury.
California gets the largest share with $476 million, while Florida will receive about $239 million; Illinois will get $166 million and Ohio will get $149 million. All four states have double-digit unemployment and have also been hit by the waves of foreclosures.]
YAY! Some help. Do not let the lame stream media bamboozle you, POTUS knows this is a problem, and will circumvent congress if need be.
http://thehill.com/...
some more relevant excerpts:
[Treasury will distribute $2 billion through the "Hardest Hit Fund" created earlier this year, while the Housing and Urban Development Department will create a new "Emergency Homeowners Loan Program" that will provide zero-interest loans of up to $50,000 for two years.
HUD is expected to announce additional details within the next few weeks, officials said.
Under the recently enacted financial regulatory reform legislation, the administration was required to start the programs. The administration has set aside a total of $50 billion from the TARP for housing-related programs.]
HUD is on it...
Some very needed relief. Now, you all are informed and if need be, use this info for your own well being. Or, tell someone who can use this valuable information.
Good luck!