August 4, 2010
WASHINGTON -- The Obama administration plans to send $600 million to help unemployed homeowners avoid foreclosure in five states.
The Treasury Department says 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.
The administration is directing $2.1 billion from its existing $75 billion mortgage assistance program to a total of 10 states. Each state designed its own plan.
Treasury approved money in June for Arizona, California, Florida, Michigan and Nevada.
(Copyright 2010 by The Associated Press. All Rights Reserved.)