January 13, 2009
Final Troubled Assets Relief Program (TARP) funds aimed to help homeowners
Last year, Congress passed the bill for the $700 billion Troubled Assets Relief Program (TARP). $350 billion had been spent without helping many homeowners facing foreclosure. Too bad.
Now, here may be good news for homeowner in trouble. The remaining $350 billion from the $700 billion financial industry bailout program will be used in part to help homeowners facing mortgage foreclosure and expanding existing programs, the White House said on Monday.
President George W. Bush sent the formal request and report to Congress seeking the money on behalf of President-elect Barack Obama, but it said that the current administration had no intention of allocating additional funds from the final $350 billion.
Filed under Housing Market News by John W.
Pownce it!
Comments
January 23, 2009
Cheryl Sykes said:
1/22/09:
This will never happen at least with Bank of America. I got a fraud mortgage with them 10/07 and BOfA told me I was getting a special Fannie Mae Program Mortgage. Now BofA tells me I never had a Fannie Mae loan to begin with after I signed rider and addendum at closing.
I have been with BofA for 15 years and they told me 3 weeks ago they were going to foreclose on me. I have called them over 50 times in last year and they will not work with me a disabled older woman.
I guarantee you I did not see any help of the TARP money the first $25 billion go around and BofA will not help me now.
Everyone thinks BofA is great because they are helping Countrywide - well that is because Countrywide lawyers went to court and won their 400,000 case. BofA HAS TO HELP THEM - IT IS NOT VOLUNTARY.
January 26, 2009
Warren said:
what kind of help is avaiilable for seniors like myself who do not have enough equity in hom to quallify for reverse mortgage. Are there federal grants available to help me who is also a veteran. I retired from the federal service after 40 years of service including milatary.