Obama approves housing aid for five US states

| June 23, 2010 | 0 Comments
Obama approves housing aid for five US states

Approval has been given by the Obama administration to help areas affected by the housing bust, as part of a $1.5 billion programme.

According to Treasury sources, plans for Arizona, California, Florida, Michigan and Nevada have received approval.

Under the scheme, more than 90,000 homeowners are set to benefit broken down as follows:-

California will receive the most - $700 million which will help around 38,000 borrowers. Florida is set to receive $418 million, designed to assist around 30,000 borrowers.

Meanwhile, Michigan will get about $155 million to assist 16,000 borrowers, while Arizona will be given $125 million for 4,000 borrowers and Nevada will receive $103 million for about 5,000 homeowners.

However, the figures will be regarded as small in comparison to the administration’s main existing $75 billion mortgage assistance program.

Meanwhile, the Obama administration will also provide an additional $600 million in financial support to assist homeowners in states with high levels of unemployment.

Many attempts to deal with the foreclosure crisis have been implemented but with little success.

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