New York, Florida, North Carolina and Kentucky, along with many others, received state-backed loans last year from the Federal Reserve.
The loans covered the cost of borrowing for state governments.
But the Federal Emergency Management Agency, the Treasury Department, and the Federal Housing Finance Agency are not legally required to guarantee the loans.
The federal government, under the Dodd-Frank law, has until January 1 to certify the loan amounts and to approve the payments.
It is unclear if the state and local governments that received the loans will be eligible for those payments.
The Obama administration announced last week that it will reimburse states for the cost.
The Treasury Department said Thursday that the federal government has received more than $100 billion from the federal reserve to cover the cost for states to purchase and implement new mortgage-backed securities.