How corporate America is blocking $50 million from reaching Florida homeowners

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How corporate America is blocking $50 million from reaching Florida homeowners

How corporate America is blocking $50 million from reaching Florida homeowners

Palm Beach Post-

In March 2013, a $50 million foreclosure prevention program was approved to reduce monthly mortgage payments for struggling Florida homeowners.

But in nearly two years, just 71 borrowers have been approved for the plan, called the Modification Enabling Pilot.

Why it’s been slow on the uptake, and may eventually fatally stumble, is an inability to compete with corporate hedge funds and billion-dollar, for-profit firms still making money on the housing crisis. And it’s not an easy program to understand so the public lacks awareness.

[PALM BEACH POST]

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