The Obama administration on Monday announced $600 million in financial support for five more states with high unemployment that have been slammed by the housing bust. Ohio got the largest share of funding, at $172 million, followed by North Carolina at $159 million and South Carolina at $138 million. Oregon and Rhode Island are due to receive $88 million and $43 million respectively, according to a report of the Associated Press. The money will be given to state housing finance agencies. They will design mortgage assistance programs that meet broad criteria provided by the Treasury Department. "The purpose of this is to foster innovation in dealing with what is a highly localized problem around the country," said Herbert Allison, an assistant Treasury secretary, adding, "we want to learn from the innovations." Last month, the Obama administration said it would give $1.5 billion to state housing agencies in Arizona, California, Florida, Michigan and Nevada, which have some of the highest foreclosure rates in the nation.
