Michigan Gov. Jennifer M. Granholm has called on Bank of America, Chase, Citigroup, PNC Bank and Wells Fargo to participate in the Obama administration's HFA Hardest Hit Fund. Granholm's call for the banks to step up took place at an event in Detroit's Mexicantown to highlight an additional $128.4 million in federal funds that Michigan has received through the Hardest-Hit Fund.
In June, the Department of the Treasury and the Department of Housing and Urban Development approved the Michigan State Housing Development Authority's (MSHDA) plan to distribute $154.5 million in federal funds to help homeowners who are at risk of foreclosure. MSHDA estimated that the initial plan would help 17,000 at-risk homeowners, including 11,000 residents who are unemployed.
With the additional $128.4 million in federal funds, MSHDA says it will be able to assist another 13,000 homeowners.
‘When America's big banks were in trouble, they received help to weather the storm,’ Granholm said. ‘It's time for those same big banks to step up and help Michigan families facing hard times through no fault of their own. I'm calling on Bank of America, Chase, Citigroup, PNC Bank and Wells Fargo to join the dozens of banks and credit unions around the state who are participating in the Helping Hardest Hit Homeowners Fund.’
At the event, Granholm was accompanied by the Fifth Third Bank Homeownership Mobile – a retrofitted bus staffed with counselors who were available to discuss with homeowners, free of charge, their eligibility for assistance.
‘I applaud Fifth Third and other lenders who are working to help Michigan homeowners and their families to remain in their homes,’ Granholm said.
A list of servicers currently participating in the MSHDA's programs is available on the Michigan state government's website.