Daily Real Estate News | April 27, 2010 | Share
States Craft Programs for Stressed Owners
Arizona, Florida, and Michigan have proposed using federal funds to pay down loan balances for struggling borrowers and to subsidize mortgage payments for those who remain out of work.

The plans are in response to a foreclosure-prevention effort championed by the White House, which allocated $1.5 billion for Arizona, California, Florida, Michigan, and Nevada. The Treasury Department is the reviewing proposals, which will be finalized next month.

Source: Wall Street Journal, Nick Timiraos (04/27/10)

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