A federal watchdog blasted several states for spending a mere fraction of federal bailout funds to help struggling homeowners.
Indiana was at the bottom of the pile, spending just 8% of its funds on homeowner assistance. Even though the Treasury obligated $221,694,139 of funds to Indiana, yes, over 221 MILLION. As of June 30, 2013, the state had had spent $18.8 million to help homeowners. $8.2 million was spent on “administrative expenses”, and the rest is being held as “cash-on-hand”.
The story was much the same for other states singled out by the report. The Treasury reserved more than $162 million for Alabama, only 13% of which the state has used to help homeowners. Arizona has used only 11% of its more than $267 million on homeowner aid.
Kind of makes you wonder just where all that money has gone…… not to the people it was designed to help.