Items Tagged with 'Hardest Hit Fund'

ARTICLES

  • Blighted Michigan homes expose residents to hazardous materials if demolished

    Includes risk of asbestos exposure, illegal dumping, and contaminated soil
    House demolitions through the Hardest Hit Fund’s Blight Elimination Program in Michigan could expose residents to hazardous materials and other risks, according to a new report conducted by the U.S. Army Corps of Engineers on behalf of the Office of the Special Inspector General for the Troubled Asset Relief Program. Here’s a list of the most likely risks, along with the ways to fix them.
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  • Damning report finds state agencies wasted millions meant for struggling homeowners

    SIGTARP investigation uncovers waste within Hardest Hit Fund program
    A damning new report from a federal watchdog shows that 19 state housing finance agencies wasted millions of dollars that should have gone to struggling homeowners as part of the government’s Hardest Hit Fund program. The report, published Friday by the Office of the Special Inspector General for the Troubled Asset Relief Program, showed that an investigation found that all 19 of the state housing finance agencies that participated in the Hardest Hit Fund collectively wasted money in some form.
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  • 8 years later, a look back on TARP

    Happy anniversary
    The anniversary of the Consumer Financial Protection Bureau’s Know Before You Owe rule isn’t the only historical mortgage moment that happened on Oct. 3. Monday also marked the eighth anniversary of the Emergency Economic Stabilization Act of 2008 becoming law, putting the Troubled Asset Relief Program into effect. Here's how the program performed for the past eight years.
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  • Embattled Nevada housing agencies respond to allegations of wasted millions

    Agencies suggest newly enacted changes should help more struggling homeowners
    A recent bombshell report from a federal watchdog suggested that the agency in charge of Nevada’s portion of the government’s Hardest Hit Fund wasted $8.2 million that should have funded the program’s administration costs, while at the same time, drastically cutting the number of struggling homeowners admitted to the program. Now, the agency in question is responding to those charges, and claiming that the amount of wasted money is far less than the watchdog suggests – $8 million less, to be exact.
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  • "Pervasive culture of waste and abuse" discovered in Nevada Hardest Hit Fund program

    Investigation finds contractor wasted $8.2M as help dried up for homeowners
    Thanks to what investigators are calling a “pervasive culture of waste and abuse,” millions of dollars from the federal government that were supposed to help struggling Nevada homeowners keep their homes instead went to pay for cars, holiday parties, employee bonuses, employee gifts, employee outings, staff lunches, and a number of other wasteful expenses, a scathing investigation by a federal watchdog found.
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  • Treasury committing $1 billion more to fight blight, help struggling borrowers

    Announces next round of Hardest Hit Fund allocations
    In February, the Department of the Treasury announced that it planned to boost the Hardest Hit Fund by as much as $2 billion. The first round of funding saw the Treasury Department allocate $1 billion. And Wednesday, the Treasury announced the second round of funding, with $1 billion more now set aside to fight blight and help struggling homeowners.
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  • Michigan to get $75 million more to fight blight

    $47.4 million earmarked for Detroit
    The fight against residential blight isn't over in Michigan. The state is about to get an injection of federal funding to continue its efforts to clean up the neighborhoods that were the hardest hit by the economic downturn.
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  • Foreclosure relief funds aren't getting to borrowers: report

    The Federal government has provided $7.6 billion to 18 different states under its Hardest Hit Fund, designed to help struggling homeowners stay in their homes. But a new report shows that the states with the highest rate of foreclosures are doing the worst job of getting these funds to borrowers, with only $3 billion having been disbursed.
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