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Administration announces 3B in new foreclosure aid
WASHINGTON (8/12/10)--U.S. Treasury Assistant Secretary for Financial Stability Herb Allison Wednesday announced the government would provide additional support for homeowners struggling with unemployment through two existing targeted foreclosure-prevention programs. Treasury will make $2 billion of additional assistance available for the Housing Finance Agency’s (HFA’s) Innovation Fund for the Hardest Hit Housing Markets (the Hardest Hit Fund). Additionally, the U.S. Department of Housing and Urban Development (HUD) soon will launch a complementary $1 billion Emergency Homeowners Loan Program to provide assistance to mortgage holder at risk of losing their home and who have experienced a “substantial reduction” in income due to involuntary unemployment, underemployment, or a medical condition. Qualified mortgage holders could receive up to 24 months of assistance. "HUD's new Emergency Homeowner Loan Program will build on Treasury's Hardest Hit initiative by targeting assistance to struggling unemployed homeowners in other hard hit areas to help them avoid preventable foreclosures," said Bill Apgar, HUD Senior Advisor for Mortgage Finance. "Together, these initiatives represent a combined $3 billion investment that will ultimately impact a broad group of struggling borrowers across the country and in doing so further contribute to the administration's efforts to stabilize housing markets and communities across the country." For more on the programs, and to see what states are eligible for funds, use the resource link below.
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