Millions For Homeowners Facing Foreclosure Squandered By State Agencies

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Millions For Homeowners Facing Foreclosure Squandered By State Agencies

Millions For Homeowners Facing Foreclosure Squandered By State Agencies

Forbes-

Novelist Thomas Wolfe once wrote that he marveled how “a silver dollar, if held close enough to the eye, could blot out the sun itself.”

That may apply to some administrators of the Hardest Hit Fund, which was created in 2010 to assist state housing finance agencies help homeowners in danger of foreclosure. Unfortunately, a number of them viewed the funds as a private piggy bank.

More than $7.6 billion was destined for low-income homeowners facing foreclosure, with the Department of the Treasury last year committing an additional $2 billion to the fund. Any expense the state agencies charged to the program were supposed to be essential to easing loan modifications, according to federal guidelines.

[FORBES]

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