Treasury Approves Mercy Housing Loan Mod Program

(Source: Chicago Tribune By Mary Ellen Podmolik) - The Treasury Department will allow Mercy Housing Inc., a national nonprofit group, to use almost one-quarter of the federal “hardest-hit” funds sent to Illinois for a private mortgage modification program in the Chicago area.Working with the Illinois Housing Development Authority, Mercy, asked in the spring for permission to use $100 million of the federal funds to create a program that would buy delinquent home mortgages from lenders at a discount, reduce the principal amount due on the mortgage and work with borrowers to live within their means.

Source: Chicago Tribune By Mary Ellen Podmolik

12:58 p.m. CDT, July 1, 2011

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