San Francisco (Obama.net)- With the economic crash that occurred at the end of the Presidency of George W. Bush, too did the housing market collapse under itself. As loans were being defaulted on and bills were going unpaid, numerous homes were being foreclosed upon. Add to that the increased unemployment rate in the United States and you have millions of Americans who were and in many cases still are unable to pay off their bills or buy new homes.
President Obama is aware of the current trials and tribulations of many Americans. This is why Obama is reaching out the unemployed who are struggling to find work, but need to keep their homes.
Obama and his administration worked together to put together a plan that would give three billion dollars to those facing foreclosure who are also unemployed.
The Treasury Department announced that two billion will be sent the seventeen states in America that face rates of unemployment that are larger than the national average for the past year.
The other billion dollars will go to the Department of Housing and Urban Development. The money will be used to finance a new program that will help Americans receive zero interest loans for as long as two years for as much as $50,000. The program was instituted by President Obama himself one month ago.
California will be getting $476 million, Florida will receive $239 million, Illinois will get $166 million, and the state of Ohio will get $149 million, to name the four states that will get the biggest chunks of the fund. Other states that will get money include Michigan, Georgia, North Carolina, New Jersey, Indiana, Tennessee, Alabama, South Carolina, Kentucky, Oregon, Mississippi, Nevada, Rhode Island, and Washington D.C.
Since starting his battle against the falling of the housing market, Obama has helped 390,000 homeowners keep their homes when they were at risk of foreclosure.
Some are arguing that the money spent has not done enough work. But the near half of a million families that kept their homes, the money is doing more than enough. As President Obama’s quest to save the housing market continues, it is certain that many more American’s will have their homes saved as well.