Black Eyed Peas frontman will.i.am has taken on the foreclosure crisis, creating the i.am home fund to help those in jeopardy of losing their homes as a result of the economic downturn.
Sure beats the other freebies Oprah has been known to throw out to guests on the show…
One family with eight children owed $250,000 on their mortgage and had already exhausted their 401k and savings account after the breadwinner lost his job.
The other lucky victim was a single mom who had been laid off after her company downsized, leaving her eight months behind on her mortgage payment while owing about $100,000.
Both families are now free-and-clear, let’s just hope they don’t try to pull cash-out anytime soon.
“Growing up I dreamt that one day I’d be able to buy my mom a house and take care of my family,” said will.i.am on his website. “I realized that dream and experienced the positive effect giving back had on my family.”
“Now I am compelled to help others who are in jeopardy of losing their homes and inspire others to join the movement.”
The i.am home fund is collecting donations to help other families in similar situations, though it’s unclear how the money will be allocated.
A number of struggling homeowners have already written in on the website in hopes of receiving assistance.