An announcement from the Obama administration on Monday revealed plans to supply 5 states with roughly $600 million in financial support. The state, which include Ohio, South Carolina, North Carolina, Oregon and Rhode Island were all selected to receiving funding to negate especially high unemployment and weak housing.
Ohio received the largest chunk of funding at $172 million, followed closely by North Carolina at $159 million. South Carolina received the next biggest sum at $138 million while Oregon received $88 million and Rhode Island was allotted $43 million. The money will be directed toward state housing and finance agencies which will in turn, develop mortgage assistance programs around an outline from the Treasury Department.
In February, the Obama administration pledged to provide $1.5 billion to state housing agencies in Arizona, California, Florida, Michigan and Nevada, to counteract the extreme foreclosure rates in the states. They have been under pressure to do more about the foreclosure problems across the nation for some time, issuing an answer no Friday when they announced a strategy to cut down on the amount homeowners owe on their mortgages and give the unemployed a break in payment.
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