Obama: If You Are a Deadbeat But Likely to Vote for Me, I Will Pay Your Mortgage with Money From Other Taxpayers

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The Obama Administration
today announced two programs providing additional support to help
homeowners who haven’t paid their mortgage. In one program funds
will be provided for those who are delinquent by at least three
months. So if you are delinquent by two months, forget about dropping
a check in the mail. Sit back and wait, it’s possible you may have
won the Obama lottery.

Under the first
program announced today, states eligible to receive support have
all experienced an unemployment rate at or above the national average
over the past 12 months. Each state will use the funds for targeted
unemployment programs that provide temporary assistance to eligible
homeowners to help them pay their mortgage while they seek re-employment,
additional employment or undertake job training.

States that
have already benefited from previously announced assistance under
the Hardest Hit Fund may use these additional resources to support
the unemployment programs previously approved by Treasury or they
may opt to implement a new unemployment program. States that do
not currently have Hardest Hit Fund unemployment programs must submit
proposals to Treasury by September 1, 2010 that, within established
guidelines, meet the distinct needs of their state.

The states
eligible to receive funds through this additional assistance, along
with allocations based on their population sizes, are as follows:

Alabama $60,672,471
California $476,257,070
Florida $238,864,755
Georgia $126,650,987
Illinois $166,352,726
Indiana $82,762,859
Kentucky $55,588,050
Michigan $128,461,559
Mississippi $38,036,950
Nevada $34,056,581
New Jersey $112,200,638
North Carolina $120,874,221
Ohio $148,728,864
Oregon $49,294,215
Rhode Island $13,570,770
South Carolina $58,772,347
Tennessee $81,128,260
Washington, DC $7,726,678

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the rest of the article

August
13, 2010

2010
Economic Policy Journal

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