Mercy Housing Foreclosure-Prevention Program Launched in Chicago Area
October 25, 2011 | From the field | Housing, Community & Economic Development

Mercy Housing has launched a new program, with $100 million in unused Troubled Asset Relief Program money, to slash loan balances to affordable levels on Chicago-area homes that are underwater, or worth less than their debt. The program seeks to buy distressed loans at a discount, alter them, and sell them at a profit to attract investors to the Illinois housing market.