Thursday, February 10, 2011

California plans $2-billion program to help distressed homeowners

I believe this pass through federal funding and might cutting list by new congress.  This program is bad because it rewards risking lending and it's taxpayer funded.  Finally, only one of the big lenders is on board with is program.
More than 100,000 struggling homeowners could get help from a $2-billion program that California is launching, including about 25,000 borrowers who owe more than their properties are worth and could see their mortgages shrink.
The Keep Your Home California program, which uses federal funds reserved for the 2008 rescue of the financial system, has the potential to make a sizable dent in California's foreclosure crisis and help the general housing market. State officials hope to fend off foreclosure for about 95,000 borrowers and provide moving assistance to about 6,500 people who do lose their homes.
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