Michigan Gets Money to Stem Foreclosures

By: Associated Press
By: Associated Press

DETROIT (AP) -- A fund aimed at helping Michigan homeowners avoid foreclosures will get a $215.6 million boost to help unemployed and underwater homeowners.
Andrea Risotto, a U.S. Treasury Department spokeswoman, says the funding infusion is in addition to more than $282 million the state has received since February, bringing the total to nearly $500 million.
Michigan is considered one of the five states hardest hit by the housing crisis.
President Barack Obama announced the national $1.5 billion investment earlier this year for state's hit hardest by the mortgage crisis. Arizona, California, Florida and Nevada also have received money.
The Detroit Free Press reports 230 homeowners have received help so far, but more than 30,000 were expected to qualify.

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