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Billions Meant for Struggling Homeowners May Pay Down Deficit Instead

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With housing prices dropping sharply, and foreclosure filings against more than 1 million properties in the first half of this year, the Obama administration is scrambling for ways to help homeowners.

One place they won't be looking: an estimated $30 billion from the bailout that was slated to help homeowners but is likely to remain unspent.

Instead, Congress has mandated that the leftover money be used to pay down the debt.

Of the $45.6 billion in Trouble Asset Relief Program funds meant to aid homeowners, the most recent numbers available show that only about $2 billion has actually gone out the door.

The low number reflects how little the government's home loan modification and other programs have actually helped homeowners deal with the foreclosure crisis.
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OpedNews volunteer from 2005 to 2013.

Amanda Lang was a wonderful member of the Opednews team, and the first volunteer editor, for a good number of years being a senior editor. She passed away summer 2014.

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