Mortgage Money Going To CO Homeowners, Veterans

By: AP
By: AP

DENVER (AP) -- Homeowners facing foreclosure and veterans in need of temporary housing are among the recipients of Colorado's portion of a $25 billion settlement with mortgage lenders.

Colorado Gov. John Hickenlooper and state Attorney General John Suthers announced details Friday on how Colorado will spend its $51 million in discretionary money from the settlement reached last month. Most of the rest of the money goes directly to homeowners affected by the mortgage crisis.

Colorado plans to spend $24 million on supplemental loan-modification programs that could help an estimated 2,000 homeowners over the next three years. Affordable housing programs will receive more than $18 million.

A former state prison in Bent County will receive $5 million to repurpose the facility as temporary housing for up to 400 veterans.

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  • by Brian Location: Pueblo on Mar 16, 2012 at 12:08 PM
    Yo Bubba, I feel for you, I really do...but the fact is that if you can no longer make your house payment then you need to find more affordable housing. Obama has everyone thinking that they get a FREE get out of jail card for every hardship you endure. At the rate we are going the people with jobs will no longer be able to pay their mortgages because our taxes are being spent paying for yours. I hope your situation improves but I am getting sick and tired of everyone standing in line for handouts that don't actually come from the government, but from the taxes of people like me.
    • reply
      by Yup on Mar 16, 2012 at 03:27 PM in reply to Brian
      gain, too true.
  • by Bubba Location: Colo. Spgs., CO on Mar 16, 2012 at 11:55 AM
    @Lori - I appreciate the fact that you and others have been able to keep up with your payments. However, being one of those who fell behind on payments does not make me a deadbeat, only one of the many who lost their job due to the recession. I worked construction for over 20 years in this town and recently became too sick to work but with both VA and Social Security can make payments on my mortgage. I have been fighting with BoA for over two years to get some form of loan modification and that in and of itself can be stressful, or maybe more so, than holding down a 9-5 job. Please do not lump groups of people together and bash them as this makes you look like a stooge. Everyone has a different reason for falling behind even though they have been trying to get some form of assistance to lower their payment to stay in their homes.
  • by Blameless Location: CS on Mar 16, 2012 at 11:36 AM
    Well said Lori. No one should be punished for being responsible or rewarded for being irresponsible.
  • by What the what Location: Purple City on Mar 16, 2012 at 11:33 AM
    Agree with @Lori. Every month we all are facing foreclosure. The main difference is that some of us pay our bills. So far Obama has bailed out everyone failing while increasing the taxes of all of us poor suckers willing to pay our obligations. It is time for a change. No republicans and no demon(crats). It is time to get behind Ron Paul and see what he can do.
  • by Lori Location: C/S on Mar 16, 2012 at 11:07 AM
    So let me get this straight... They are bailing out homeowners unable to pay their mortgages but if you are responsible and pay your bills on time you get nothing? What incentive to people have keep paying? If people are going to get some restructuring plan, it should be available to all homeowners and if they choose to opt out, allow them. If people are not recognized for doing the right things, only the wrong things, why would anyone ever want to be responsible, work hard or succeed in life? Our government rewards failure. Just watch the news and see where our society is headed.
    • reply
      by Well said! on Mar 16, 2012 at 03:25 PM in reply to Lori
      and too true.
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