Connect with us

Hi, what are you looking for?

The American GeniusThe American Genius

Housing News

Billions to fund more programs to help homeowners – helpful?

Additional help for troubled homeowners has been announced by the Obama administration in the form of $3 billion in additional funding toward the existing foreclosure prevention funding being called the “Hardest Hit Fund.”

$1 billion will offer loans through nonprofit agencies and local housing authorities to mortgage borrowers who have lost their jobs. These loans will be made for up to $50,000 at 0% interest for upwards of 24 months.

This portion of the fund has been dubbed by the department of Housing and Urban Development (HUD) as the “Emergency Homeowner Loan Program” with further details to be released later this month.

The additional $2 billion will expand the current funding toward the 10 hardest hit states (and add seven new states to the funding list), each of which have already submitted unique proposals as to how they will use the existing $2.1 billion in funds.

After the continued failure of government reaction to the housing crisis in the form of programs like the Home Affordable Modification Program (HAMP) and rumors of homeowner debt forgiveness leaking from the White House, the administration is grappling with how to solve the crisis.

Advertisement. Scroll to continue reading.

We want to know- do you think the government aid programs and funding from all different angles be it loans, debt forgiveness or otherwise, helps homeowners and the housing sector or hurts?

Tara Steele is the News Director at The American Genius, covering entrepreneur, real estate, technology news and everything in between. If you'd like to reach Tara with a question, comment, press release or hot news tip, simply click the link below.

22 Comments

22 Comments

  1. Ray

    August 12, 2010 at 1:54 pm

    I’m so glad I get to pay other people’s mortgages… Should I just stop paying mine and wait on a bailout?

  2. Eric Hempler

    August 12, 2010 at 3:28 pm

    I think their time could be better spent figuring out a way to create more permanent jobs. I don’t think housing will truly recover until more people are working.

    • Lani Rosales

      August 12, 2010 at 6:45 pm

      I couldn’t agree more, and I think most people in the industry that are educated on the matter agree as well. Thanks for the attention, White House, but it won’t do any good if no one’s employed. #jobsftw

  3. Al Lorenz

    August 12, 2010 at 7:57 pm

    Of course it is not helpful. The markets will not recover until the government gets its nose out of things it should never have been in. Then we’ll see jobs and broad economic recovery that includes housing.

  4. Justin Boland

    August 13, 2010 at 12:10 pm

    Great line from the NYT yesterday sums it up perfectly…

    “…one of the paradoxes of the recession: the more money you borrowed, the less likely you will have to pay up.”

    At the same time, though….I don’t think “Fairness” is really the issue to focus on. The real problem here is a systemic collapse of the US economy….and this is barely even a stop-gap measure. It’s a reponse to the news from March-April, driving with the rear-view mirror.

  5. Chris @ Jacksonville Homes

    August 17, 2010 at 6:43 am

    This sounds great, I hope the government will provide more fund to help the home owners to prevent loosing their homes.

Leave a Reply

Your email address will not be published.

The
American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.

Advertisement

KEEP READING!

Real Estate Technology

(TECH NEWS) It turns out that Internet of Things, like smart bulbs in homes, are not secure and give up your info - here...

Real Estate Marketing

(MARKETING) Your fancy, self-animating website might be making people violently ill, even if it is insanely beautiful. Sorry...

Real Estate Marketing

(MARKETING) Conduit is a CRM that does more than CRM, it analyzes your networking data to help you see how to improve your relationships.

Real Estate Corporate

(REAL ESTATE) Zillow has long been a data powerhouse, but a lawsuit about a $150M listing offers a look into listings claims.

The American Genius is a strong news voice in the entrepreneur and tech world, offering meaningful, concise insight into emerging technologies, the digital economy, best practices, and a shifting business culture. We refuse to publish fluff, and our readers rely on us for inspiring action. Copyright © 2005-2022, The American Genius, LLC.