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The Government is sending more money to struggling Homeowners - loans of up to $50,000 - that apparently don't need to be paid back......now the really interesting part is the Money is being funneled through a "Non-Profit" Company Called Neighborhood Works - the Top 10 people at this Non-profit that funnels Tax Payer Money to under Water Home Owners are all paid $190,000 - $220,000
The Board of Directors for Neighborhood Works is even More interesting.....all Government Employees.. http://www.nw.org/network/index.asp
NeighborhoodWorks was one of Many Non-Profits that stimulated the Housing Market during the Boom years with Tax Payer Money and now they are giving away more Tax Payer Funds to keep their Non-profit salaries and to attempt to keep Real Estate elevated.....you can't make this up..
"For the roughly four million homeowners who have fallen behind on their mortgage payments, the federal government is offering yet another remedy: free money to catch up on their loans.
The effort, called the Emergency Homeowners Loan Program, is the latest in the federal government's efforts to slow down the flood of foreclosures a necessary step to a meaningful recovery in the housing market, says a Department of Housing and Urban Development official. For people who have lost their jobs, the $1 billion program offers loans of up to $50,000 that don't actually need to be repaid, if applicants meet certain requirements.
More from SmartMoney.com:
• New Options for Underwater Homeowners
• The One Stimulus Government Hasn't Tried
• How to Tap Home Equity -- Without a Bank
The goal, says HUD, is to offer short-term aid to people who look like they'll be back on their feet soon. But critics say the loans may leave homeowners worse off in the long run. "This is a short run band-aid, a modest attempt to grapple with the severity of the situation," says Stuart Gabriel, director of the Ziman Center for Real Estate at the University of California, Los Angeles.
Rolled out by HUD and the nonprofit housing advocacy group NeighborWorks America"
http://finance.yahoo.com/loans/artic...mod=loans-home
The Board of Directors for Neighborhood Works is even More interesting.....all Government Employees.. http://www.nw.org/network/index.asp
NeighborhoodWorks was one of Many Non-Profits that stimulated the Housing Market during the Boom years with Tax Payer Money and now they are giving away more Tax Payer Funds to keep their Non-profit salaries and to attempt to keep Real Estate elevated.....you can't make this up..
"For the roughly four million homeowners who have fallen behind on their mortgage payments, the federal government is offering yet another remedy: free money to catch up on their loans.
The effort, called the Emergency Homeowners Loan Program, is the latest in the federal government's efforts to slow down the flood of foreclosures a necessary step to a meaningful recovery in the housing market, says a Department of Housing and Urban Development official. For people who have lost their jobs, the $1 billion program offers loans of up to $50,000 that don't actually need to be repaid, if applicants meet certain requirements.
More from SmartMoney.com:
• New Options for Underwater Homeowners
• The One Stimulus Government Hasn't Tried
• How to Tap Home Equity -- Without a Bank
The goal, says HUD, is to offer short-term aid to people who look like they'll be back on their feet soon. But critics say the loans may leave homeowners worse off in the long run. "This is a short run band-aid, a modest attempt to grapple with the severity of the situation," says Stuart Gabriel, director of the Ziman Center for Real Estate at the University of California, Los Angeles.
Rolled out by HUD and the nonprofit housing advocacy group NeighborWorks America"
http://finance.yahoo.com/loans/artic...mod=loans-home
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