President Obama is scheduled to unveil a plan later today that will provide $1.5 billion to state and local housing agencies in five states so they can provide additional relief to homeowners in danger of losing their homes, according to media reports.
The funds, which will be directed at the five states hit hardest by the housing crisis: Arizona, California, Florida, Michigan, Nevada, will come from money that has been returned from financial institutions borrowed through the Troubled Asset Relief Program.
The local agencies will use the funds to start programs aimed at trying to help homeowners stay in their homes.
Last year, the administration unveiled a mortgage assistance program aimed at those having trouble making mortgage payments, especially those who owe payments for more than the home is assessed. That program, Making Home Affordable, has had mixed results and its focus has been on encouraging lenders to reduce the principal for certain homeowners.
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