The Obama administration’s foreclosure prevention program was launched Wednesday. The multipronged fix calls for companies to help as many 4 million struggling borrowers by modifying loans so housing payments are no more than 31% of monthly gross income. Separately, homeowners who haven’t missed a payment can refinance into lower-cost loans even if they have little or no equity. This is expected to help up to 5 million homeowners. While borrowers are being encouraged to contact their loan servicers, companies said it would be several weeks before they can start processing applications. more…
The site, phoenix.gov/recovery, is believed to be the first of its kind in Arizona.
So far, neither the state nor other major cities here have a Web site dedicated to the economic rescue package, which is expected to deliver billions of dollars to Arizona for transportation, public safety and other areas.
The city says the site was created to mirror Obama’s recovery.gov, where cities, states and other agencies will have to report and disclose how they spent public stimulus dollars.
The Phoenix site is still getting off the ground, but viewers can read about how the city plans to spent more than $60 million its received so far from formula-based grants, and a trip City Council members Claude Mattox, Peggy Neely and Michael Johnson plan to take to Washington, D.C., this weekend to brush up on the stimulus legislation.
– Scott Wong AZCentral.com
Gilbert in February issued more single family home building permits than Chandler,
The Avondale City Council has approved a contract to provide services to prospective home buyers. The program could help put 40 to 60 potential home buyers into foreclosed homes, said Gina Montes, the city’s Neighborhood and Family Services Department director. more…
Maria Ordonez, 40, stared across the dirt lot, a hard hat balanced on her head. As dozens of people milled about Thursday morning, she shared a smile with her husband, Felipe, 44, a church custodial worker. Could it be that by the end of the year the couple and their three children would be crossing the threshold of their new home? more…