Posted To: MND NewsWire President Barack Obama announced today that the administration will pump $1.5 billion into programs to address housing problems in states with the highest unemployment rates and the greatest drop in home values. The program, which will use funds set aside for housing under the Emergency Economic Stabilization Act (EESA) of 2008, will be directed at states where the average home price has fallen more than 20 percent from the peak and where high unemployment is also an issue. The President announced the program during a speech this afternoon in Nevada which has had one of the highest foreclosure rates in the country, among the highest rates of “underwater” mortgages, and an unemployment rate of 13 percent.

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Obama Administration to Provide More Funding Support for Weakest States