US foundations step forward to help those hit by crisis

The John D and Catherine T MacArthur Foundation is investing $68 million in grants and low-interest loans in foreclosure prevention and mitigation efforts in local neighbourhoods in Chicago to help combat the growing lending crisis and the rise of foreclosures in the city. The Foundation expects its investment to leverage more than $500 million in capital and to assist 10,000 households, including giving counselling to 6,000 borrowers and prevention of 2,700 foreclosures by 2010.

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