The Obama administration has announced it will provide another $3 billion in mortgage assistance for unemployed and financially stressed homeowners through two foreclosure assistance program.
Seventeen states and the District of Columbia will share $2 billion to be allocated through the Housing Finance Agency’s Hardest Hit Fund. Another $1 billion is designated for a new program designed to provide emergency loans to homeowners in all 50 states.
States chosen for the new round of monies under the Hardest Hit Fund have all experienced unemployment rates above the national average over the past 12 months. Eight states are receiving funds through the program for the first time: Alabama, Georgia, Illinois, Indiana, Kentucky, Mississippi, New Jersey and Tennessee. Washington, D.C. is also a newcomer to the fund. St Read more…