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.
Please read our comment policy before commenting.