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Wednesday, April 28, 2010

States plan for struggling house owners to stop foreclosure

Arizona, Florida, and Michigan states have planned using federal funds to pay mortgage balances for struggling borrowers to stop foreclosure and to subsidize mortgage payments for those who remain out of work.

The plans are in response to a foreclosure-prevention effort championed by the White House, which allocated $1.5 billion for Arizona, California, Florida, Michigan, and Nevada. The Treasury Department is the reviewing proposals, which will be finalized next month.

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