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September 5, 2008

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Hope For Stressed Homeowners

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By Tom McIntyre

Story Published: Feb 14, 2008 at 3:40 PM CDT

Story Updated: Feb 14, 2008 at 5:33 PM CDT

There's some help being promised for Illinois homeowners struggling to keep up with their mortgage payments.

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Governor Rod Blagojevich announced the program this morning saying that four mortgage lenders have committed 200 million dollars to a new Homeowner Assistance Pool to help people refinance their mortgages.

The Governor told reporters, "It's a real, concrete and tangible way at helping families –and keeping families in their homes—while we work to strengthen the economy".

The initiative also includes a free counseling network to help homeowners navigate a path to save their homes...

This works with a toll free phone number -- 1-888-995-HOPE.

The Governor also promised a crackdown on fraud in the lending industry.

According to the Governor's office, up to seventy–thousand Illinois homeowners could face foreclosure this year.