The White House along with the Treasury Department announced that they will be adding about $3 billion to help out with unemployed homeowners across the nation. The plan is split into multiple parts including the following:
- The Emergency Homeowner Loan Program: $1 billion set aside to offer loans to unemployed borrowers at risk of losing their home. The loans, which will be dispersed through nonprofit and housing agencies, will carry 0% interest and be good for a maximum of $50,000 for up to two years. The administration was required to launch the HUD emergency loan program by the financial regulatory bill signed by President Barack Obama last month.
- $2 billion in support for its program that helps struggling homeowners in the states with highest unemployment rates. They will use the money for programs to aid unemployed homeowners. Some of those states have already designed such programs.California will get the largest share of money for the Treasury program, at $476 million; Florida, $239 million; Illinois, $166 million; Ohio, $149 million; Michigan, $129 million; Georgia, $127 million; North Carolina, $121 million; New Jersey, $112 million; Indiana, $83 million and Tennessee, $81 million; Alabama, $61 million; South Carolina, $59 million; Kentucky, $56 million; Oregon, $49 million; Mississippi, $38 million; Nevada, $34 million; Rhode Island, $14 million; and Washington, D.C., $8 million.
