Bank of America and Ally Financial have reached agreements with states involved with the Hardest Hit Fund, an umbrella program that provides assistance to troubled homeowners in states most affected by the economic downturn. Individual states manage their own programs. "The unemployment assistance programs, in particular, extend help to homeowners who otherwise may not be eligible for the government's modification program and other homeownership retention solutions due to lack of qualifying income," said Rebecca Mairone, national mortgage outreach executive at BofA.

Related Summaries