– Nevada, California, Arizona, Michigan and Florida. State housing officials will have to apply for the aid, submitting paperwork to the Treasury Department who will be responsible to approve the funds.
The announcement was seen partly as an assist to Henry Reid’s struggling senatorial re-election campaign in Nevada. Much of the funds are expected to go to Nevada which has had the highest foreclosure rate in the country for 37 months. The funds will go to the most distressed homeowners who are in danger of foreclosure. The new program is a modest step in putting new programs in place to assist homeowners, but the new program indicates that President Obama is recognizing the problems Democrats are facing in the polls because the electorate is suffering from job losses and home foreclosures.