Obama To Announce Brand New Homeowner Bailout Today

barack obama nancy pelosi joe biden

Obama will announce a brand new bailout for homeowners living in some of the hardest hit states today.

Using a combination of unemployment rates and housing market declines, the Federal Government will distribute $1.5 billion to states like Michigan, California, and Nevada, according to WSJ.

The announcement will be made in Nevada — the housing bust ground zero.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.