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CU System
Hardest-hit homeowners get 128M boost
LANSING, Mich. (8/18/10)--On Aug. 11, Michigan Gov. Jennifer Granholm announced another $128.4 million from the federal government to help struggling homeowners in Michigan. The money will be distributed by the Michigan State Housing Development Authority (MSHDA), along with $154.5 million in the original Help for Hardest Hit Homeowners Fund. The fund aims to help homeowners in Michigan who are unemployed avoid foreclosure (Michigan Monitor Aug. 17). Thirty individual credit unions, and credit union service organizations Mortgage Center and Member First Mortgage, are working with MSHDA, making more than 200 credit unions statewide involved, said the Michigan Credit Union League. The original fund is expected to help up to 17,000 homeowners avoid foreclosure and another 13,000 with a new appropriation. There is no limit on the number of lenders that can participate, but funds are only available on a first-come, first-served basis only. Preceding the state announcement, last week Treasury Assistant Secretary for Financial Stability Herb Allison announced the government's decision to provide additional support for homeowners struggling with unemployment through two existing foreclosure prevention programs. Treasury said it was making a total of $2 billion of additional assistance available for the Housing Finance Agency’s Innovation Fund for the Hardest Hit Housing Markets (News Now Aug. 12). For more information, use the link.
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