Obama Administration Proposes 3 Billion in Aide for Jobless Homeowners

$3 billion more for jobless homeowners
By Hibah Yousuf, staff reporterAugust 11, 2010: 2:02 PM ET

NEW YORK (CNNMoney.com) -- The Obama administration is making $3 billion in additional funds available to help troubled homeowners avoid foreclosure.

One part of the plan, announced Wednesday, includes a new $1 billion program that will offer loans to unemployed borrowers at risk of losing their homes. The loans, which will be dispersed through nonprofit and housing agencies, will carry 0% interest and be good for a maximum of $50,000 for up to two years.
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