On Friday, I wrote about the Obama Administration's new approach to the foreclosure crisis, suggesting it was a victory of sorts for Senator Jack Reed and others in Congress who have sought to shift the White House's attention from those who took up risky mortages - the first wave of the crisis - to unemployed folk who can't keep up on their payments - the second wave.
I noted, in that post, that before the administration announced its new tack, Senator Reed had argued in vain - behind the scenes - that Rhode Island and other states hard-hit by unemployment should be included in a $1.5 billion foreclosure prevention program. The metric used in that program: the five states that saw the biggest drop-off in housing prices qualified. Rhode Island was not one of them.
Well, word today that the administration is offering up $600 million to a collection of five new states, including Rhode Island. The metric this time: significant pockets of unemployment. Rhode Island will get $43 million. The other states in the program include North Carolina, South Carolina, Ohio, and Oregon.