Arizona failed to pass millions in federal aid

Arizona

Arizona failed to pass millions in federal aid

Posted:

PHOENIX (AP) - Arizona has failed to pass along millions of dollars given to the state from Washington to help struggling homeowners avoid foreclosure.

The Arizona Republic reports (http://bit.ly/12yh5DN) that Arizona spent only 6% of $268 million allocated to help Arizona homeowners from mid-2011 through the end of 2012, despite being 1 of the states hit hardest by the housing bust.

By comparison, the most successful of the 18 states, plus Washington, D.C., that received federal funds to help homeowners had spent more than 45% of their federal government allocation by the end of last year.

State officials say the program didn't have better success early on because banks would not work with them to modify mortgages, and Arizona was slow to adopt more successful approaches tried in other states.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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