August 31, 2010
Granholm reaches out to bank CEOs, urges their support of struggling homeowners through Hardest Hit fund
LANSING - Governor Jennifer M. Granholm today continued her effort to push the nation's largest banks to join other lending institutions and take part in the Helping Hardest Hit Homeowners Fund. Since announcing the availability of an additional $128.4 million in federal dollars for the fund earlier this month, Granholm has reached out to executives at Bank of America, Chase, Citigroup, PNC Bank and Wells Fargo, asking them directly to help prevent additional home foreclosures.
"It is crucial that these national banks, which in their time of crisis were helped with taxpayer funds, now help those in Michigan and other states who are struggling to stay in their homes," Granholm said. "These banks must act now to ensure that we help those currently losing their homes as well as prevent additional foreclosures. Each day that banks wait to participate ultimately means more people will continue to struggle."
In addition to speaking with bank executives, Governor Granholm also spoke with United States Treasury Secretary Timothy Geithner about expediting approval of state programs and encourage federal lenders Freddie Mac and Fannie Mae to more actively engage in the program.
"We share the same goals - save the American dream of homeownership for thousands of families, invest in our communities, and protect property values in the process," Granholm wrote in her letter to the banks. "Your full and swift engagement in the Hardest Hit Fund will prevent additional foreclosures, helping to stabilize families and communities across our state and around the nation."
Nationally, more than 57 percent of home foreclosures can be attributed to job loss. The Helping Hardest Hit Homeowners Fund aims to serve homeowners who are currently receiving unemployment compensation, homeowners who have fallen behind in their mortgage payments or taxes due to a temporary layoff or medical emergency, and homeowners who can no longer afford their mortgage payments due to lower household income.
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