Something

$1.5 billion is chump change given the scope of the problem, and I wish the money was being directed to local municipalities instead of states, but these kinds of programs have had successes in keeping people out of foreclosure or at least making the process less painful.

Mr. Obama will announce the so-called ‘’innovation fund’’ at a town hall style meeting here, the officials said. The money will be redirected from the Troubled Asset Relief Program, known as TARP, and made available to state housing agencies, who will be expected to design programs to help homeowners having difficulty meeting their mortgage payments, either because they are unemployed, are burdened by second mortgages or owe more than their homes are worth.

Foreclosure crisis? Not over.