Oregon’s Homeownership Stabilization Initiative is set to get an additional $49.2 million in federal funds, on top of the $88 million already received.
Oregon’s foreclosure-prevention program is set to receive an additional $49.2 million, on top of the current $88 million already awarded by the U.S. Treasury Department.
Foreclosure has claimed thousands of homes in Oregon, due in part to the state’s high unemployment.
The new funding comes amidst a heated debate in Washington, D.C. about government spending and the spiraling federal deficit. While many economists argue the government needs to increase spending to jumpstart the economy, others maintain the country is drowning in red ink.
With the new anti-foreclosure money, the Obama administration is sending a clear signal it intends to continue to inject public money into the economy.
Read more at OregonLive.com.