MichiganRadio

Governor Granholm touts federal mortgage money DETROIT, MI (Michigan Radio) - Governor Granholm was in Detroit Tuesday, touting aid programs for struggling homeowners.

The Obama Administration gave the Michigan State Housing Development Authority an additional $128 million for its Hardest Hit fund last week.

That means the Agency has a total of about $280 million to help an estimated 30,000 Michigan families at risk of foreclosure.

Granholm noted how homeowners can qualify for the program. "The Hardest Hit fund will help you if you've missed a payment because of an emergency, if you are unemployed, or if you've gotten a job but your income is not what it was in the last job," she says.

The program is administered through mortgage lenders. Granholm says more than 100 Michigan banks and credit unions have signed on so far.

But she says four major banks that hold many Michigan mortgages--Bank of America, Chase Bank, Citigroup, and Wells Fargo--haven't agreed to participate.

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