Getting your player ready...
WASHINGTON — The White House has approved five state- designed plans to help financially stressed homeowners as part of a $1.5 billion effort to assist areas slammed by the housing bust.
The Treasury Department said Wednesday that plans for Arizona, California, Florida, Michigan and Nevada had received approval.
The states estimate that the plans will help up to 93,000 homeowners. That’s a small part of the administration’s main existing $75 billion mortgage-assistance program, which is widely viewed as a disappointment.
President Barack Obama unveiled the state-assistance effort in February.
The states were picked because they experienced at least a 20 percent decline in home prices. The Associated Press
