New York (CNNMoney.com) - Under pressure to do more for troubled homeowners, President Obama announced Friday a $1.5 billion program to help borrowers in the five states hit hardest by the housing crisis.
The initiative calls for pumping money into state housing agencies in California, Arizona, Nevada, Florida and Michigan to fund programs to prevent foreclosure for people who are unemployed or who owe more than their homes are worth.
Also, the agencies can assist homeowners having trouble securing loan modifications because of second liens, as well as promote affordable housing opportunities.
Obama unveiled the initiative, which will be funded with money from the TARP bank bailout, at events in Nevada, which has the highest number of underwater homeowners at 65% and the nation's second-highest unemployment rate at 13%.
From CNN Politics
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I believe that the unlawful diversion of TARP money was made pursuant to the recently passed "Harry Reid Re-Election Bill of 2010."
Maybe this will help a few more people - eventually. It won't help us; we are not in one of those states.
Good. However, this opens the President to more hate, lies and condemnation from the GOPers that could care less about those in need!
What's really pathetic is that the GOP calls itself ....... Christian!
I suppose the people of Las Vegas will long remember how 0'bama slammed their city, telling conventioneers to stay away from that place. Now that reid is in trouble, 0'bammy is singing a different tune....and he hopes no one notices.
It would appear that the above mention states are those whose democratics are in trouble in November too. Nothing like trying to bribe voters is it.
I can't wait to hear people simultaneously complain about the government overstepping its constitutional bounds and complain that they need help and aren't able to get assistance.
This TARP is turning into President Obam'a own SLUSH FUND as if he owns the $ and can throw it at any struggling Democrats state. This money was only supposed to be used to help the banks in deep trouble due to the meltdown in 2008. We were told that we would be paid back and the money would be used to pay down the deficits.
So now 1.5 billion will be handed over to more Gov't burocrats to spend to help Harry Reid get elected? We should demand that Obama use the $ to pay down the debt.
This is your corrupt Democrat party at work again. They need to be voted out .
Nov. can't come fast enough.
Okay, more tax money from those who live by the rules to help the irresponsible provided by that nice Mr. Obozo. No wonder the dope smokers elected him, they don't have any responsibility either.
well obama must of made up for all the bad mouthing he did for harry reid nevada,,,, bogus,,,,
Arizona really has been hit hard in housing while the great Senator John McCain affords the luxury of 7 houses. And then there's Scott Brown who owns 3 houses but fooled people into believing he can only afford a truck. LOL
More hand outs for the lazy. Jobs are the problem but with the free ride for the freeloaders who needs one?
It was most likely the government that got those people in trouble in the first place, offering mortgages the couldn't possibly afford in the long run. We taxpayers got suckered by those loans, and now we're being suckered bailing out the people who got them.
"I'm from the government. I'm here to help."
Yeah, right...
What will "The Great Mezziah,Obama ," do when he runs out of money??He gives away the money of the tax payers,and gives these funds to the non-workers.He is an absolute clown along with his welfare queen supporters.In November we will get rid of these welfare queens and their sponsers the dems.I can not wait until the Republicans are back and rid us of the dem morons and their imbecile followers.
Isn't this just a continuation of the Housing Mortgage practices by the Federal Government that led to this economic debacle in the first place? This makes absolutely no sense to me, foreclosure goes to the insurance companies to pay off on an overinflated house price. That would be AIG as they are the predominant mortgage insurance company in America. Is this just a move to circumvent another failure of their already failed bailout plan for AIG, that will just defer the losses down the road? I hate to see anyone lose what they worked for but there are a substantial number of these foreclosures that should never have been a bank loan to begin with. We the taxpayers are already paying for that bad judgment on the front end and now we're gonna pay for it on the backside too! One and Done!
Nice program, but what about those of us who live in the other 45 states. What ever happened to equal treatment?
what i don't understand is why the mortgage companies don't renegotiate their contract at a rate the borrower can afford.instead of forclosing on the property to me that makes a lot more sense then letting the property go vacant and letting thieves come in and rip out all the plumbing fixtures and electrical wiring tearing holes in the walls making the property useless to where the property is worthless execpt for the lot and then it would cost more to haul off the trash than what the lot is worth.
Under pressure? From whom? Oh, that's right, the troubled borrowers would decided they belonged in a mansion despite never working a hard week in their lives.
Those of us who work and have to pay the lion's share of these bills don't want it. See you in November.
Keep on buying votes with our money you thug. The tarp money and the stimulus money is not your Democratic slush fund you thief. We ALL knew that was what you would use it for. It won't help you because you're a liar, thief, and cheat.
I am so glad that my tax dollars will help someone keep their home in California. Thanks President Obama.
Oh, and by the way. My mother in Georgia and the lovely state of Maryland, where I live, could use some help too.