Money could go to programs to help unemployed homeowners, for example, or borrowers who owe more on their houses than they are. That works for both the borrowers and the lenders alike.
Online PR News – 25-February-2010 – – "Obama said he was designating $1.5 billion from the Troubled Asset Relief Program to fund programs at local housing finance agencies in California, Florida, Nevada, Arizona and Michigan, which have seen home prices decline more than 20 percent from their peaks," says Fred Filsoof, President of Coordinated Properties.
While falling values have left many mortgage-holders with homes worth less than the loans on them, soaring unemployment has led to even more mortgage defaults.
The $1.5 billion would be distributed to state agencies based on which states were suffering the most. The program came on top of the Treasury Department's recent $23 billion program for all 50 state housing finance agencies.
"Presently, Coordinated Properties is completing the third stage of development of a 270 acres high end residential development known as Litchfield, in the suburb of Atlanta", Fred F. Filsoof announced. The company also acquired approximately 1400 acres of high elevation in the Western Carolina mountain lands in Cashier, Franklin and Maggie Valley, primarily for the development of second homes, resort and equestrian developments. "This large scale project is presently ongoing," Fred F.Filsoof included. The company has also acquired approximately 400 acres of water front partially developed properties in Beauford, NC. with completion plans in the future.
About Coordinated Properties
Coordinated Properties,Inc. is a full service real estate company based in Atlanta, GA. The company has grown outside of Altanta and has multiple properties in Georgia, New York City, Biloxi,MS, and Stewart, FL. The company's office is located at 1100 Garmon Dr. NW Atlanta, GA 30327