Less than a month after the Obama Administration debuted a $1.5 billion program to help homeowners avoid foreclosure, the $660 million Dort FCU of Flint is still enjoying the national limelight this week as the first financial institution in the U.S. to actually launch and implement funds distribution.
"We know the conditions in our community have been pretty bleak and so we just jumped right in to aid those homeowners who have become financially strapped," explained Dan Harp, vice president of lending.
Dort now numbers among 19 Michigan CUs that have signed up statewide with the Granholm Administration in participating in the federal program to help 17,000 Michigan households avoid foreclosure with 11,000 homeowners who are currently drawing unemployment benefits to make monthly payments.
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