Is Keep Your Home California Program An “Absolute Failure”?

It’s like the 60s all over again minus the tie-dye. It seems as though protesting financial intuitions (banks) has become de rigueur for groups like Occupy and NACA. A few days ago about 30 homeowners and housing advocates protested at the California Housing Finance Agency claiming that the state agency isn’t doing enough.

The protesters shouted that the Keep Your Home California program has been an “absolute failure” and from what we hear from some of the Bay Area housing counselors who we deal with that the statement offers some degree of truth.

The CalHFA administers the $2 billion Keep Your Home California program, which uses federal stimulus money to help distressed homeowners

The program offers as much as $3,000 a month to homeowners who have lost their jobs, up to $15,000 to those falling behind on their mortgages, and up to $5,000 in relocation assistance for people who lose their homes.

We’ve heard from many people that the program fails to reach enough people.

However the program info claims that since its launch last year, Keep Your Home California has assisted 11,000 homeowners and has committed about $220 million.

Do you now anyone who has befitted by this program? Let us know.

1 Comment

Filed under California, Mortgages

One response to “Is Keep Your Home California Program An “Absolute Failure”?

  1. Pingback: Fannie, Freddie May Reduce Mortgage Balances In California | Resource Blog

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