Florida received $1 billion from the federal government to help struggling homeowners, but just 13 percent of that money has gone toward helping them.
Florida received the stimulus money, part of the Hardest Hit Fund, after the housing market collapsed in 2008. Only California received more from the fund.
The money is intended to help homeowners who find themselves “underwater,” owing more than their homes are worth. In the meantime, people are drowning.
‘Not Getting Fund Out the Door’
“Florida is not getting a significant amount of the funds out the door to help homeowners,” according to the most recent Troubled Asset Relief Program, or TARP, inspector general report.
About $133 million has been distributed to 9,745 people, since it was first available in February 2010.
In contrast, in the 12 months before September, 115,000 Florida homes went through foreclosure — three times the national average — according to CoreLogic, a leading real estate analytics service.
“So many people have...
Illinois lawmakers on Tuesday approved a bill they and Gov. Pat Quinn (D) say will fix the state’s worst-in-the-nation pension system and which many analysts say will do no such thing.
Illinois has the lowest credit ratings among the 50 states. The state's huge unfunded pension obligations are the main reason.
The bill in the Democrat-dominated General Assembly enjoyed bipartisan support, as many Republicans jumped on board. Among other things, the law aims to reduce the state’s $100 billion...
It probably wouldn't come as a shock to most people to learn that Exxon Mobil and Apple were two of the most profitable companies in the U.S. last year. With profits of $44.9 billion and $41.7 billion, respectively, the oil and electronics giants raked in quite a bit of revenue. But you may be surprised by which government program reported profits nearly as high: federal student loans.
USA Today reports that the U.S. government made $41.3 billion in student loan profits during the last fiscal...