[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2010/images/02/19/art.forcloseure.file.gi.jpg caption="President Obama announced Friday a $1.5 billion program to help borrowers in the five states hit hardest by the housing crisis."]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%.