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.

Full story


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

    Nothing will make the banks, and therefore GOPers, more angry than having to wait a little longer to foreclose on middle-class homes.

    August 11, 2010 02:51 pm at 2:51 pm |
  2. DUMocRATS RECORD DEFICITS + TAXES

    How are we paying for this free $$$$?

    My god, I should quit work, live on the OBOZO welfare plan

    August 11, 2010 02:52 pm at 2:52 pm |
  3. Rush Goebbels

    Your doing a great job President Obama,even if Limbaugh hates you for helping most Americans.

    August 11, 2010 02:56 pm at 2:56 pm |
  4. diridi

    Pres. obaba is doing every thing possible for the good of the American people, Ben Quayel is so idiot and crazy GOP thug...I do not know who votes for this idiot....Pres. Obama, you are doing fine, and great...just pass Energy and Climate reform...these idiots, oil thugs shut up....nation is messed up because of GOP thugs...GOP Thugs...Republican brainless idiots...period...

    August 11, 2010 02:57 pm at 2:57 pm |
  5. honesty

    Wow another 3 billion dollars...where and how are we ever going to pay for this? Wake up America, Obama is spending your childrens futures. Yes this country was experiencing hard times two years ago when he took office, but look how much futher in the hole we are today. I am so tired of everyone blaming Bush or playing the race card. Honestly the facts speak for themselves – Obama is the WORSTand most inept President we have ever had. His ideas have caused more racial seperation, class seperation and is simply destroying America.

    What did we expect from a Senator who barely showed up to work, never balanced a budget, had the media spinning everything?

    How much lower can America go under the "direction" of Obama???

    Also, his wife needs to cover her shoulders, such lack of decorum is embarassing. The Obamas have no respect for the office in which they hold. Instead, they have over-inflated egos. Nauseating. Thank GOD America is waking up to them and the media's bias. I can hardly wait for November.

    August 11, 2010 02:57 pm at 2:57 pm |
  6. Victim of GOP Taliban

    Not sure if I agree with this. The real estate industry and their entourage of vulture speculators, lenders, greedy shiesters, bait and switch terms hidden in the fine print, etc is fatally corrupt. Let the bubble finish bursting and it's time to start regulating all the slimy vultures. The house of cards got exposed for the scam that it is.

    August 11, 2010 02:58 pm at 2:58 pm |
  7. Jim in Florida

    Oh boy, billion by billion we just keep spending on emergency aid, entitlement programs, all of which are ultimately mismanaged, rife with corruption and never ever seem to get to the people who really need, I emphasize really need, the help.

    This one through non profits and housing agencies, thos elike ACORN huh.

    This after the Obama Congress raids food stamps to buy teacher and union votes for the November election. This is just a preview of jack booted socialist practices that will doubtless increase as we move toward 2012.

    August 11, 2010 03:02 pm at 3:02 pm |
  8. fiscal responsibility

    I hate foreclosures, but I hate the idea of government intervention more. Why? Because it was the government (and quasi-government companies) that got unto this housing / lending crisis.

    The idea of a 0% loan sound good, but what if the homeowner still doesn't pay. Now the government owns the initial cost of the loan (via Freddie and Fannie) plus the additional $50K.

    Why do Obama, and most of democrat leaders, hate the free market. In general, when allowed to work, it makes things more affordable, creates long term jobs and prevents long term debt and unsustainable policies.

    August 11, 2010 03:07 pm at 3:07 pm |
  9. awaitingliberalizationbyCNN

    How many of these non profit groups through which the funds will be distributed are actually subsidiaries of th SEIU which of course will take its cut off the top. We're catching on to the slimy tricks Obozo.

    August 11, 2010 03:09 pm at 3:09 pm |
  10. bfranklin

    Want to know why so much of the stimulus money wasn't spent after the President insisted that they needed it urgently? Take a look at the last 2 days. Handout of unions and teachers unions yesterday and now this. These "little" packages will keep coming out until Nov and then stop again.

    August 11, 2010 03:09 pm at 3:09 pm |
  11. Buster

    GOOD GRIEF. A no interest loan to unemployed people to save their homes. How are they going to pay back the loan? Answer, they will not and they will still lose their house. Another nobummer vote buying policy on throwing away tax payers money. I saw an employer on the TV yesterday who said he could not hire people for machinist jobs that he was willing to pay to train because they were making more money on unemployment. Keep extending unemployment and more and more people will continue to be happy staying at home and not going to work.

    August 11, 2010 03:09 pm at 3:09 pm |
  12. AZ Resident

    OMG. So now my taxes are FURTHER being used to prop up people who can't make their mortgage and won't just short sell the property? I am speechless on this one. Talk about taking a free ride on the backs of people who actually pay taxes. Thank you, may I have another?

    August 11, 2010 03:15 pm at 3:15 pm |
  13. Colorado Liberal

    Thank you again, Mr. President!

    The greatest president of my lifetime–even if the Quayles don't agree.

    August 11, 2010 03:19 pm at 3:19 pm |
  14. Mike

    There are a lot of worthy causes out there that need funding but I'd just like to know where all this money is coming from?
    We continue to spend, spend, spend, with no end in sight.
    At some point we are simply going to have to stop bailing everyone out and bit the bullet. There are going to be rough times but they only keep getting rougher the more this administration continues to spend with reckless abandon.
    Obama is making Bush look like a penny pincher.
    This guy just can't seem to spend enough money. It is as if he knows he is going to be a one term President and has to spend us into bankruptcy as fast as he can.

    August 11, 2010 03:20 pm at 3:20 pm |
  15. McTooley

    Whose money Mister One Term? Stop making it sound like its growing on trees Its not like that excuse for a 1st lady is growing it in the White House garden Thats Taxes that have yet to be earned let alone collected

    August 11, 2010 03:21 pm at 3:21 pm |
  16. barry

    I thought this was the summer of recovery. Did anyone tell the President and V.P. it isn't recovering so they can put the celebration hats, confetti and other party favors away? Stop pissing on our leg and tell us it's raining. Mr. President stop blaming everybody else and really take the wheel and responsibility and get things in place to get us out of this mess. It is yours now not Bush's and stop whining like a little girl. Whining is not presidential, besides you knew what kind of mess it was when you ran for the job. It yours now be a man that's what the country needs right now.

    August 11, 2010 03:22 pm at 3:22 pm |
  17. Anonymous

    RIDICULOUS!!!!! i have some unpaid credit card bills, can i get some money to pay them off!!!

    August 11, 2010 03:24 pm at 3:24 pm |
  18. Laura, Massachusetts

    What about helping people who rent? Do you know how much rents have gone up in the past 2 years? Rents go up and income doesn't. What is wrong with this picture?

    August 11, 2010 03:25 pm at 3:25 pm |
  19. Brad

    Great, more of my tax money going to idiots. Well, glad the kids will have a home, could care less about the worthless adults. Most of this money will probably go to alchoholics, druggies, mothers with 50 kids, and so on. How about making people resonsible for themselves? If I lost my job, you know what I would do? Whatever it takes, I have a lawnmower, I would go door to door and mow people lawns, I would shovel manuer, I would would would do whatever it takes, but I would not ask people for their money. And yes, I have been in that situation, it sucked, but it was my problem, not my neighbors.

    August 11, 2010 03:27 pm at 3:27 pm |
  20. Mark from Louisiana

    obozo throwing more of our tax money at his non working voter bloc...........if would be funny if it wouldn't be bankrupting our country. I can't wait for november.

    August 11, 2010 03:30 pm at 3:30 pm |
  21. Dominican mama 4 Obama

    Thank you Mr. President. No other President has put the average American FIRST as you have. If there is ALWAYS monies to be found to send men and women to useless wars, why, I ask, is there ALWAYS an objection to finding money to help Americans here at home?

    Maybe if we BOMBED OURSELVES TO OBLIVION then there would be no objection from anyone in dispersing said funds right here at home where it is needed.

    August 11, 2010 03:31 pm at 3:31 pm |
  22. Dominican mama 4 Obama

    I'm curious to know if President Obama is currently working on REVERSING the last administration's decision of sending OUR JOBS ABROAD in order to increase big business's profit margin. I wouldn't be surprised, this man is the hardest working President we've EVER had.

    August 11, 2010 03:33 pm at 3:33 pm |
  23. Marcus

    Orlando Patriot and Darko –
    Before anything, read the story. It says that the funds are already available, so no 'where is the money coming from?' lines, ok?
    No 'I am a economics teacher so I know more about that than you' either, all your indulgent comments of yesterday can be debunked with a quick check on independent watchdog orhanizations sites, so they don't hold water or have any weight of interest.
    All your 'facts' have been debunked by the CBO and other NON-partisans organization. I know you don't believe in me but it so easy to check if they were or not, so do it before you make a fool of yourselves.
    Stop parroting FAUX NEWS and GOP's lines, think for yourselves for a while.
    That said...
    You have any serious thing against this law?

    August 11, 2010 03:34 pm at 3:34 pm |
  24. Susan

    Hey I have a crazy idea, why don't they do something to create REAL jobs, that will help the unemployed long term. Their "pie-in-the-sky" ideas of "creating or saving jobs" is a joke and obviously not working. In fact, they are destroying our economy.

    August 11, 2010 03:42 pm at 3:42 pm |
  25. Willy Brown

    Who's paying for it Barry? It should be Barney and Chris. The nitwits who bilked us.

    August 11, 2010 03:44 pm at 3:44 pm |
1 2