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Trailor recapped the grim trajectory. “We are on track for 50,000 foreclosures in the Valley this year,” he said. “We are hoping we can use this $125 million to help 4,000 homeowners.”
That the new federal aid would only help less than 10 percent of the households sent a new ripple through the crowd. Some seemed surprised. Others nodded in agreement, studying a handout passed out by Trailor’s staff.
The federal program launched a year ago has foundered amid reluctant lenders and punishing economic conditions. The new money, announced in February, is $1.5 billion to be divided among California, Florida, Nevada, Michigan and Arizona. Trailor’s agency has until April 16 to submit a plan to the Treasury Department as to how the new money will be spent.
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