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SPRINGFIELD, Ill. (CBS) — The State of Illinois is using federal money to help delinquent homeowners.
As WBBM Newsradio 780′s Pat Cassidy reports, the office of Gov. Pat Quinn says the state will use $100 million in federal funds to buy delinquent home loans, and make alterations to the terms of the loans, to provide a life preserver to homeowners who are about to be being foreclosed on, the SouthtownStar explained.
LISTEN: Newsradio 780′s Pat Cassidy reports
Then, as homeowners work to pay off the mortgages, that money will go to buy more home loans, the newspaper explained.
“Illinois is committed to addressing the foreclosure crisis with strategic financial solutions,” Gov. pat Quinn said in a news release. “With this unique coalition of housing leaders, we are able to stretch this federal resource further with the involvement of private partners and help more people stay in their homes.”
The Mortgage Resolution Fund is part of $445 million Illinois received in money from the federal Hardest Hit Fund, which was set up for states with high unemployment and foreclosures, according to the paper.