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Paper: Many in D.C. housing program behind on paying

Monday - 1/16/2012, 4:35pm  ET

WASHINGTON - The Washington Post reports that nearly one in five buyers participating in a city loan program for first-time homeowners is behind on mortgage payments.

The paper says in a story Monday that's a default rate that's at least three times higher than the overall rate in the region ( http://wapo.st/y1wx1G). The paper says housing officials have routinely subsidized home purchases that low-income buyers could not afford.

City officials defended the Home Purchase Assistance Program, saying the 35-year-old program has helped more than 12,500 buyers.

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Information from: The Washington Post, http://www.washingtonpost.com


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