Hillary Clinton Proposes A $30 Billion Grant to Battle Foreclosures

ForeclosuresMass President and co-founder, Jeremy Shapiro Hillary Clinton proposes to lend a helping hand to Indiana and many other states with a $30 billion grant. $540 million would go to Indiana to help its cities deal with foreclosure. Over 5,000 homes in Indiana are in some stage of foreclosure according to a national tracking service. Clinton says that the money could be used for cities to buy foreclosed properties and resell them or turn them into low-rent units. She would also like to see more police hired to watch over abandoned homes and she would like more educational programs created for those at risk of foreclosure. Foreclosures in Maryland are increasing rapidly every month. The number of foreclosures jumped form 3,681 in January to 4,016 in February. Prince George's County had the highest foreclosure rate last month, with 1 out of every 237 homes being foreclosed, a grand total of 1,324 foreclosures. The foreclosure problem has been increasing for quite some time; in 2007, 2.5 percent of the more than 1 million loans in Maryland were delinquent. In Monterey County, California, 40 percent of home sales listed in The Herald during a two week period in late February early March were almost all foreclosures. This indicates that banks are finally attempting to sell homes to recoup some of their losses. Most of the foreclosures listed were located in Seaside, Soledad, and Salinas, which were hit the hardest by the mortgage crisis. Out of 43 homes listed in The Herald 17 were owned by banks or mortgage companies. The banks now realize that the market is not going to get better any time soon so they are letting go of their properties.

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