John Rebchook is a former Rocky Mountain News reporter with more than 30 years of experience in writing and communications... One of the biggest criticisms of the Obama Administration’s plan to help homeowners facing foreclosure is that they do not address the underlying reason that people are losing their homes – they don’t have jobs.
But on Wednesday, Rick Garcia, Region VIII director for the U.S. Department of Housing and Urban Development, will unveil details of a new plan to assist struggling homeowners, who may be grappling with making mortgage payments while they are unemployed.
Details weren’t released today, but it is believed that Colorado’s share of the funds will be in the neighborhood of $40 million. The funding is being provided through the Dodd-Frank Wall Street Reform and Consumer Protection Act. The goal of the program is to complement existing administration efforts to stabilize hard-hit neighborhoods and help responsible homeowners.
Joining Garcia in making the announcement will be Mary Ann Shing, president and CEO of the non-profit Brothers Redevelopment in Edgewater. Brothers manages the Colorado Foreclosure Hotline, 1-877-601-HOPE.
