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IPFS News Link • Housing

Foreclosures: Arizona Using $125 Million in Fed. Money Saves 1 Home

Last year the state of Arizona started the Save My Home AZ program with $125 million from the Obama administration. And now, nearly a year later, the program has saved exactly ONE home: [Thanks M!] Of the 1,055 Arizona home owners who have applied, only one has qualified for help from the program. A National Bank borrower is slated to get $40,000 knocked off a distressed home loan. Executive Vice President Greg Wessel declined to give details about the borrower, but he said two or three more are up for approval. Can you see the headlines in the Arizona Republic if all three of those additional borrowers are approved? “Save My Home AZ Triples Success Rate In 2011!” It makes you feel good to see your tax dollars at work, doesn’t it?