Homes cover a hillside near Happy Valley, Ore. The Obama administration plans to send $600 million to help unemployed homeowners avoid foreclosure in five states. The Treasury Department said Wednesday that mortgage-assistance proposals submitted by North Carolina, Ohio, Oregon, Rhode Island and South Carolina received approval. The states estimate their efforts could help up to 50,000 homeowners. (AP Photo/Rick Bowmer)WASHINGTON (AP) — The Obama administration is providing $3 billion to unemployed homeowners facing foreclosure in the nation’s toughest job markets.
The Treasury Department says it will send $2 billion to 17 states that have unemployment rates higher than the national average for a year. They will use the money for programs to aid unemployed homeowners. Some of those states already have designed such programs.
Another $1 billion will go to a new program being run by the Department of Housing and Urban Development to provide homeowners with emergency zero-interest-rate loans of up to $50,000 for up to two years.
The administration was required to launch the programs by the financial regulatory bill signed by President Obama last month.
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