Today The Treasury Department approved mortgage-assistance proposals submitted by five states – North Carolina, South Carolina, Ohio, Oregon and Rhode Island. The $600 million in aid will help an estimated 50,000 homeowners avoid foreclosure. This comes on the heels of aid already sent to Arizona, Florida, California, Michigan and Nevada in June. In total, the administration is funneling $2.1 billion from its existing $75 billion mortgage assistance program to 10 states. For homeowners, the money will help pay mortgages for up to a year while they search for new jobs. It also gives mortgage companies an incentive to reduce borrowers’ mortgage balances.
