SHARE THIS:
DEL.ICIO.US  |
DIGG  |
STUMBLEUPON 
There's new financial assistance available for San Diego County homeowners who have subprime home mortgages. The refinancing assistance is part of a flurry of bills approved at the end of the legislative session. KPBS Reporter Ed Joyce has more.
San Diego Assemblymember Lori Saldaña says the financing could help thousands of Californians.
She says the idea is to help people avoid foreclosure and keep their homes.
Saldaña: This is the first time that federal law has allowed for this, so a lot of this is being developed as we go along. And in some cases they will provide financial assistance for a certain number of months of payments. In other cases, they'll refinance completely.
She says the assistance is limited to owner-occupied homes.
Saldaña said the deepening housing crisis became evident earlier this year, prompting lawmakers to ways to address the subprime mortgage problem.
A state agency will use federal funding to refinance the subprime mortgages.
Ed Joyce, KPBS News.
|
|
