New Mexico Receives a $248,500 grant

ForeclosuresRI President and co-founder, Jeremy Shapiro Colorado is blaming the foreclosure wave on predatory lending practices and not poor economic conditions. Mortgage payments are now much higher than people can afford from the jobs they have. Job losses, failing wages, declining home values and a declining population, important drivers of foreclosures in the past, don't explain the current surge in home foreclosures. The New Mexico Mortgage Finance Authority received a $248,500 grant from the federally funded NeighborWorks America. The grant will be used to fund a new public awareness campaign to educate and offer assistance to home owners having trouble paying their mortgage. This campaign is about providing a road map to educate New Mexico home buyers and keep the dream of homeownership within their reach. The city of Alameda in California is expanding an existing program that aids first-time home buyers so it can help keep residents from being forced out of their homes by foreclosure. The City Council, voted to approve the Refinance Mortgage Recovery loans program, a modification of the Down Payment Assistance program that helps first time buyers obtain mortgages. The Refinance Mortgage Recovery program has similar guidelines, but the idea is to rescue homeowners with high interest, volatile or predatory first mortgages.

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