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Servicing / The Ticker

SIGTARP to probe Florida hardest-hit fund program

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The Special Inspector General for the Troubled Asset Relief Program is reviewing Florida Housing Finance Corporation's rollout of the local hardest hit-fund program.

SIGTARP's special inspector general Christy Romero sent a letter to Treasury Secretary Jacob Lew, informing him that her office also will review  Treasury’s oversight of the Florida fund.

The Treasury set up the Hardest Hit Fund nationwide to distribute $7.6 billion in housing relief to agencies in 19 states, including Florida.

Last year, the fund started to generate criticism with only a fraction of the allotted funds spent to assist borrowers a year after the program's launch.

The money was meant to develop programs and entice mortgage servicers to provide modifications, short sales, unemployment assistance and principal reductions. Treasury approved the first programs in June 2010.

The Florida Housing Finance Corporation's implementation of the state-level program is the main subject of the probe.

 

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