Washington for Federal Funds to Stall Foreclosures

Activists of Massachusetts marching to Washington lobbied for federal funds to stall foreclosures. They demanded a share of $1 billion earmarked to help the house owners at risk from foreclosures. This scheme was part of a multi forked attempt by Washington to tackle the foreclosure problem. The money from Emergency Homeowners Loan Program would give interest free loans to house owners who were either unemployed or underemployed and were having difficulties in meeting their mortgage commitments.

A limit of $50,000 would be available for eligible borrowers who would apply to meet their mortgage expenses for two years.

Lew Finfer of Massachusetts Communities Action Network said that they were trying to avail of a bigger portion of the funds. He had calculated that 60,000 households could be helped with $1 billion. He said, “The part that’s daunting is that the number of people who are eligible is probably well over million”.

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