Congress Earmarks $230 Million for Homeowners Facing Foreclosure

Pocono Record (02/05/08); Frank, Howard
In Monroe County, Pa., dubbed the "epicenter of the subprime crisis" by United Neighborhood Centers of North Eastern Pennsylvania executive director Mike Hanley, U.S. Rep. Paul Kanjorski, D-Pa., touted a federal program that will devote $230 million to credit counseling for homeowners on the brink of foreclosure. Local, state and federal agencies will provide the free guidance, which Kanjorski says could help approximately 75 percent of struggling homeowners by negotiating with lenders to alter mortgage terms. HUD's housing counseling assistance program will receive $50 million, and $180 million will be given to NeighborWorks America to distribute to HUD-approved counselors.