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HUD Releases $3 Billion In Emergency Funding To Mississippi
WASHINGTON – Housing and Urban Development Secretary Alphonso Jackson today announced he is releasing $3 billion to the state of Mississippi to help thousands of homeowners in the state to recover from Hurricane Katrina. Last April, HUD approved Mississippi’s plan that is part of $5 billion allocated in Community Development Block Grant (CDBG) funding to help the state in its long-term recovery efforts. Jackson will make a televised statement on the release of these funds this afternoon (see details below).
Today’s release of funds means thousands of qualified homeowners in Mississippi will shortly be receiving up to $150,000 to help them recover from Hurricane Katrina. The remaining $2 billion in CDBG funding will be made available to Mississippi once the State submits an amendment to its action plan for HUD’s review.
"Today we take another step closer toward helping make Mississippi homeowners whole again," said Jackson. “Throughout this process, Mississippi was intent on getting this money to the very people who need it most. I’m confident that with the appropriate safeguards in place, Mississippians have created a homegrown plan to rebuild their local communities.”
Mississippi Governor Haley Barbour said, "I am grateful to HUD for approving our plan and pleased that today's release of funds will get essential money into the hands of coastal homeowners who desperately need the help."
Equity skimming is a type of scam
In this type of scam, a "buyer" approaches you, offering to get you out of financial trouble by promising to pay off your mortgage or give you a sum of money when the property is sold. The "buyer" may suggest that you move out quickly and deed the property to him or her. The "buyer" then collects rent for a time, does not make any mortgage payments, and allows the lender to foreclose.
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Definition:
Federal Home Loan Mortgage Corporation (FHLM); a federally-chartered corporation that purchases residential mortgages, securitizes them, and sells them to investors; this provides lenders With funds for new homebuyers.
FHA
Definition:
Federal Housing Administration; established in 1934 to advance homeownership opportunities for all Americans; assists homebuyers by providing mortgage insurance to lenders to cover most losses that may occur when a borrower defaults; this encourages lenders to make loans to borrowers who might not qualify for conventional mortgages.
Closing
Definition:
Also known as settlement, this is the time at which the property is formally sold and transferred from the seller to the buyer; it is at this time that the borrower takes on the loan obligation, pays all closing costs, and receives title from the seller.
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