$1B foreclosure aid program ends with $568 million unspent – USATODAY.com: The federal government will disburse just $432 million from a $1 billion program to help unemployed homeowners avoid foreclosure, a government official said Thursday.
The rest of the money will return to the U.S. Treasury because the Emergency Homeowners' Loan Program has ended, and not enough people were approved in time to receive aid.
The funding provided forgivable loans up to $50,000 to temporarily help unemployed or underemployed people avoid foreclosure in 32 states and Puerto Rico.
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