August 11th, 2010
02:47 PM ET
4 years ago

$3 billion more for jobless homeowners

The Obama administration is making $3 billion in additional funds available to help troubled homeowners avoid foreclosure.
The Obama administration is making $3 billion in additional funds available to help troubled homeowners avoid foreclosure.

New York (CNNMoney.com) - The Obama administration is making $3 billion in additional funds available to help troubled homeowners avoid foreclosure.

One part of the plan, announced Wednesday, includes a new $1 billion program that will offer loans to unemployed borrowers at risk of losing their homes. 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 government's department of Housing and Urban Development said it will announce details about the program, coined the Emergency Homeowner Loan Program, in the coming weeks.

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Filed under: issues • Uncategorized
soundoff (30 Responses)
  1. David

    Support the irresponsible people, spread the wealth. My goodness, these guys who get help will continue to support this type of government until the country is totally broke!
    An administration where no one had a "real job" in their life is very dangerous in its misconception of what is needed and what is not; even running the wrestling federation is more honorable than what these guys did all their life (pure politics)!!

    August 11, 2010 03:47 pm at 3:47 pm |
  2. wake up

    So again, the people who overspent, didn't save, get bailed out by this terrible president. Is OBAMA trying to bankupt us?

    No wonder no company will hire...who would spend anything under this fraud.

    August 11, 2010 03:50 pm at 3:50 pm |
  3. W L Jones

    This will give an unemployed job seeker the comfident he need to get that job.This is a blessing not only to the unemployed but the families next door to keep there neighborhood intack.

    August 11, 2010 03:52 pm at 3:52 pm |
  4. Gerald

    This is great, more debt for Americans to pay others bills. Worst administration ever.

    August 11, 2010 03:52 pm at 3:52 pm |
  5. vic

    Housing market was part of this recession they need help

    August 11, 2010 04:00 pm at 4:00 pm |
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