In the last 24 hours, Coloradans have gained a more clear picture of the kind of aid the Obama administration and federal authorities will offer to help address the wildfires raging in the state and aid displaced residents.
Americans who choose to take advantage of the government’s Home Affordable Modification Program as it stands today are entering into a buyer-beware system that may deliver short-term relief but also long-term pain. Although the program, known as HAMP, works to reduce monthly mortgage payments by half or one-third of monthly income, the program can also ruin participants’ credit for years to come, severely limiting their ability to borrow money and threatening for that reason to extend the housing crisis at the heart of the recession.
Writing at Wired, Noah Schactman reports an upcoming O’Keefe-Breitbart sting operation. This one targets an Obama tax credit program run through state offices of Housing and Urban Development. O’Keefe reportedly visited offices in Detroit and suggested ways to defraud…
When U.S. Housing and Urban Development Secretary Shaun Donovan announced last week that first-time homebuyers soon will be permitted to turn their $8,000 tax credit for purchasing a property into downpayment money, he called the development “exciting” and “a real win for everyone.”
But his enthusiasm isn’t universal.
Everyone knows about the crisis facing homeowners. But what about those who can’t afford a home?
Colorado is excepted to scoop up nearly $61 million in federal stimulus funds to build and renovate public housing, weatherize public and low-income housing, and provide Section 8 and energy assistance vouchers to poor families. But is it too little too late?
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