HUD secretary says relief for homeowners on its way

Department of Housing and Urban Development secretary Shaun Donovan is currently on a trip across the country to give troubled homeowners peace of mind that relief is coming, Reuters reports.

Department of Housing and Urban Development secretary Shaun Donovan is currently on a trip across the country to give troubled homeowners peace of mind that relief is coming, Reuters reports.

Financial relief, from the recent $25 billion settlement reached between the nation's largest mortgage lenders and a number of state attorneys general, has so far been slow to reach struggling borrowers and household wrongfully foreclosed upon, but Donovan is encouraging states to start taking action.

"What I said to governors, is look, you should know that if you don't use this money for counseling and legal services and outreach … your citizens, they may not benefit from the other pieces of the settlement," Donovan told the news source.

However, housing advocates who have been closely working with troubled borrowers for years a unsure whether the funds will provide the safety and soundness the government promises. With an estimated 11 million households still underwater after property values plunged nearly 30 percent after the housing market's collapse, some say relief can't come soon enough.



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