TARP funds to aid unemployed homeowners

Bail out the people, not the banks:

The Obama administration plans to send $600 million to help unemployed homeowners avoid foreclosure in five states: North Carolina, Ohio, Oregon, Rhode Island and South Carolina. The states estimate their efforts could help up to 50,000 homeowners. The initiative will be financed through the government's Troubled Assets Relief Program.

North Carolina is set to receive $159 million to test new approaches to helping borrowers save their homes from foreclosure.

I wish they had done this sooner, but better late than never.