Phoenix Business Journal – by Mike Sunnucks
Date: Friday, January 28, 2011
Banks and mortgage lenders are shunning a $125 million foreclosure assistance program started by the state of Arizona in September.
Thus far, only one — National Bank of Arizona — has agreed to participate in a principal reduction program started by the Arizona Department of Housing.
Of the 1,055 Arizona homeowners who have applied, only one has qualified for help from the program. A National Bank borrower is slated to get $40,000 knocked off a distressed home loan.