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Released: September 21, 2011
$1B foreclosure aid program helps fewer than planned
Source: Julie Schmit, USA Today
A $1 billion federal program to help financially strapped homeowners avoid foreclosure will not meet its goal of helping 30,000 homeowners, a government official said Tuesday. The Emergency Homeowners' Loan Program, run by the Department of Housing and Urban Development, has until Sept. 30 to commit the $1 billion to homeowners in 32 states and Puerto Rico. Uncommitted funds will go back to the U.S. Treasury. HUD spokesman Brian Sullivan said Tuesday that the agency — and state and local housing groups — are "working feverishly" to get applicants through the pipeline in time, but "we now believe we will not meet that ambitious goal."Read Full Article: $1B foreclosure aid program helps fewer than planned
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