December 20, 2014
WASHINGTON (AP) - 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.