New Obama foreclosure aid to help Arizona

President Barack Obama announced $1.5 billion in new federal foreclosure aid for states hit hardest by the housing crash, including Arizona. Housing agencies in Arizona, Nevada, Michigan, Florida and California will divide the funds to help avert foreclosure for distressed mortgage holders -- those who are out of jobs or are underwater on their mortgages because of declining home values. The money aims to help borrowers work with lenders to write down underwater home loans, and to help unemployed homeowners keep their houses. Markets such as Phoenix, Las Vegas and San Diego are seeing high numbers of foreclosures, short sales and borrowers walking away from their homes. Obama announced the new push during a visit to Las Vegas on Friday. How much each state might get was not disclosed.

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