MacArthur Foundation invests $68M for foreclosure prevention

October 15, 2008 9:10:34 PM PDT
The MacArthur Foundation says a $68 million investment will be dispersed in grants and low-interest loans in foreclosure prevention as well as mitigation efforts in local neighborhoods.The foundation expects its investment to help 10,000 households by counseling 6,000 borrowers and preventing 2,700 foreclosures by 2010.

It's also hoped the investment will leverage more than $500 million in capital.

MacArthur's initiative represents the largest effort in the United States by a private foundation to address the foreclosure crisis.