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More Gov't Aid for Homeowners in California, Arizona, Nevada, Florida and Michigan

President Obama recently announced an additional $1.5 billion in homeowner aid for the areas of the country hardest-hit by declining home values. Florida, Michigan, Arizona, California and Nevada are the five states that will receive funds.

Speaking from Henderson, Nev., Obama spoke about the nation’s fiscal difficulties, and the many homeowners who have been hit by unemployment and foreclosure. According to the White House, the $1.5 billion will be doled out to state housing finance agencies who will in turn take the lead in developing programs that will be most helpful to homeowners in their states. Possible programs will assist homeowners currently in negative equity, help unemployed homeowners or address issues with second mortgages.

There aren’t a lot of details about the additional aid yet. The Department of the Treasury will announce the rules of the program and how much each state will receive in the next two weeks.

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