Taxpayer funds that were intended to support distressed borrowers in areas that suffered the most from the housing crisis have, in some cases, been used for frivolous purposes by state housing agencies.
The Hardest Hit Fund was established in 2010 by the Obama administration to assist distressed borrowers on loans secured by properties in communities suffering the most from the housing crisis.
The program, initially funded with $1.5 billion in capital, was paid for through the Troubled Asset Relief Program, which was created through the Emergency Economic Stabilization Act of 2008.
Source: Mortgage Daily
