$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.

The government's department of Housing and Urban Development said it will announce details about the program, coined the Emergency Homeowner Loan Program, in the coming weeks.

The administration also added $2 billion in support for its program that helps struggling homeowners in the states with highest unemployment rates.

The government previously announced for 10 of the hardest hit states. States were required to put together proposals on how they would use the money, and the Treasury finished approving those plans earlier this month

The additional $2 billion announced Wednesday will expand the program to a total of 17 states, and the nation's capital, all of which have suffered unemployment rates higher than the national average for a year.  

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Overnight avgs

30 yr fixed mtg	4.52%
15 yr fixed mtg	3.95%
30 yr fixed jumbo mtg	5.37%
5/1 ARM	3.49%
5/1 jumbo ARM	4.09%

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Buying shares in a diversified mutual fund, not picking individual stocks, is a safe way to begin investing. Ben Bernanke and the FOMC steered clear of using the word deflation, easing tension in the stock and bond markets. Co-founder Reid Hoffman talks about why he created the social network and the projects he'll be working on in the future. 

Markets	Last	Change	% Change
	10,303.15	-16.80	-0.16%
	2,173.48	-16.79	-0.77%
	1,079.25	-4.36	-0.40%
	2.69	-0.05	-1.72%
	1.28	-0.01	-0.55%

Data as of 3:59pm ET

Company	Price	Change	% Change
	3.88	0.01	0.26%
	13.23	0.17	1.28%
	21.36	0.00	0.00%
	19.15	-0.30	-1.54%
	9.39	0.43	4.79%

Data as of Aug 13Sponsored by var randomnumberA=Math.floor(Math.random()*2); // fortune content if (location.pathname.match('fortune')) document.write(''); else // moneymag homepage if (location.pathname.match('moneymag')) document.write(''); else // cnnmoney content if (randomnumberA==0) document.write(''); else if (randomnumberA==1) document.write('');
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