Report: N.J. ‘Homekeeper Loan’ Program Failing

Two years ago, New Jersey was one of 18 states to receive money from the federal government as part of the “Homekeeper Loan” program, which is supposed to provide assistance to unemployed families facing disclosure on their homes. Now, a new report from WABC in New Jersey reveals that less than $4 million of the $300 million New Jersey has been given has been spent and ranks the state last of the 18 receiving the funds. Only 498 families have been approved, while 2,000 homeowners have been denied help. When confronted about the program’s failure, Gov. Chris Christie blamed it on a “moratorium on foreclosures,” which WABC’s Jim Hoffer asserts is “no real answer.”