Last Friday, President Obama announced that $1.5 billion of Troubled Asset Relief Program (TARP) funds will be allocated to five states that have seen more than 20% declines in home prices: California, Florida, Arizona, Nevada, and Michigan.

Articles about this announcement:

While more details about the program are still forthcoming, we know that Michigan will be asked to submit a plan to the Department of Treasury for spending a share of these funds.  As the statewide clearinghouse and unified voice to help keep families in their homes, the Michigan Foreclosure Task Force will be seeking your input on how to use these funds in the coming days, to ensure that Michigan takes full advantage of this opportunity to help more of Michigan’s families avoid foreclosure.

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