The Congressional Research Service is a nonpartisan group that supports congress with a fact-finding service. It has recently released some startling new information regarding the way many states are handling federal funds. The Hardest Hit Fund was set up by the federal government as one of its initiatives to help with American homeowners who are most at-risk of losing their homes through foreclosure. The CRS study revealed that Michigan is one of the states that have released the least amount of dollars to homeowners from The Hardest Hit Fund.
According to the study, the federal government gave out over $7 billion in funds, and only $3 billion of that has been disbursed by the states. This is troubling news, because Michigan was one of the first states to receive federal funds in order to stave off the flood of foreclosures impacting the state. Michigan also ranks highly for declines in property value and unemployment rates.