IE Business Daily Business news for the Inland Empire.
Money that the federal government has set aside to help deal with the foreclosure crisis isn’t being spent properly.
The “Hardest Hit Fund,” a $7.6 billion program the government set up to help homeowners has only handed out $3 billion, according to a report originally published in The Press-Enterprise.
There are 66 programs in 18 states and the District of Columbia that use money from the Hardest Hit Fund, one of several programs the U.S. government set up after the recession hit to help families keep their homes.
The report sites a study by Congressional Research Service, a nonpartisan service that provides information to Congress. Recent changes to the program made by the U.S. Treasury Department are one possible reason for the low payouts, according to the report.
