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Arizona failed to distribute federal aid to struggling homeowners
Arizona has failed to pass along tens of millions of dollars in federal aid to help struggling homeowners avoid foreclosure, despite being one of the states hit hardest by the housing bust. The Arizona Republic reports that Arizona had the nation’s second-highest foreclosure rate during much of the housing crisis. Yet from mid-2011 through the end of 2012, it spent only 6 percent of $268 million allocated to help Arizona homeowners through the worst housing crash in the country’s history. And a large portion of Arizona’s money was spent setting up the program — at one point making the state’s administrative costs the highest in the country.