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The United States Treasury established the Hardest Hit Fund in February 2010, to provide targeted aid to states hit hardest by the subprime mortgage crisis which began in 2007. Each state housing agency gathered public input to implement programs designed to meet the distinct challenges struggling homeowners in their state were facing.
The Home Affordable Modification Program (HAMP) is a government program introduced in 2009 to respond to the subprime mortgage crisis.HAMP [10] is part of the Making Home Affordable program (MHA), [11] established in concert with the Hardest Hit Fund program (HHF) [12] under the Troubled Asset Relief Program (TARP), a part of the Emergency Economic Stabilization Act of 2008. [13]
The report predicted a total net cash outflow of $37.7 billion (excluding non-TARP AIG shares), based on the assumption the TARP housing programs' (Hardest Hit Fund, Making Home Affordable and FHA refinancing) funds are fully taken up. Debt is still outstanding, some of which has been converted to common stock, from just under $125 million down ...
The counties hardest hit by Hurricane Helene were also those with the lowest levels of flood insurance protection. Map: Less than 1% of residences covered by flood insurance in hard-hit North Carolina
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Oregon’s Measure 110 funds were slow to be distributed to recovery programs, according to a state audit. The state’s drug treatment infrastructure was inadequate at the law’s onset.
All U.S. states are automatically eligible for HOME funds, and each receives a minimum of $3 million for the program, while local governments receive a minimum of $500,000 (unless the United States Congress assigns $1.5 billion or less to the program, in which case they receive a minimum of $335,000). [2]
In August 2006, Barron's magazine warned, "a housing crisis approaches", and noted that the median price of new homes had dropped almost 3% since January 2006, that new-home inventories hit a record in April and remained near all-time highs, that existing-home inventories were 39% higher than they were just one year earlier, and that sales were ...