The final 1 billion dollars in funds under the Hardest Hit Fund has been allocated to 13 of the 19 participating HHF states, according to an announcement from the U.S. Department of Treasury on Tuesday. The states that received this round of funding qualified to receive the funds through a competitive application process in which state housing finance agencies were required to demonstrate an ongoing need for more funding to prevent foreclosures and stabilize housing markets.
The HHF allocation announced on Tuesday is the second phase of the 2 billion dollars in additional HHF funding Congress authorized under the Consolidated Appropriations Act of 2016. In the first phase, announced on February 19, one billion dollars was allocated to 18 of the 19 participating HHF states according to a state’s population and according to how states have utilized their HHF funds.
The recent announcement of the 5 billion dollar Goldman Sachs settlement over the sales of faulty residential mortgage-backed securities before the crisis has pushed the amount recovered by the National Credit Union Administration from Wall Street firms over RMBS sales above the 3 billion dollar mark, according to an announcement from NCUA. The Agency received 575 million dollars in the Goldman Sachs settlement.