BANZAI7 NEWS--The Obama administration plans to spend billions securing votes from unemployed homeowners facing foreclosure in the nation's toughest job markets.
The Treasury Department says it spend billions of dollars in 17 states that have unemployed voters higher than the national average for a year. They will use the money for programs to aid unemployed voters. Some of those states have already designed such programs.
Another $1 billion will go to a new program being run by the Department of Housing and Urban Development. It will provide homeowneing voters with emergency zero-interest rate loans of up to $50,000 for up to two years.
The administration was required to launch the programs in order to maintain a fighting chance in the upcoming November elections.
Homeowners will be expected to use the cash to make monthly bailout payments to their distressed lenders.
Another innovative bailout brought to you by BAILCO USA.
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