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Aid to the Unemployed Facing Foreclosure

Discussion in 'Loan Modification' started by davephx, Jun 25, 2010.

  1. davephx

    davephx LoanSafe Member

    Aid to the Unemployed Facing Foreclosure

    6/24/10 - In the financial regulatory reform bill, currently being completed in conference committee and expected to be finished by July 4. Rep. Barney Frank (D-Mass.) has requested that the final bill include a House provision providing low-interest loans to the unemployed facing foreclosure.

    The provision is modeled after Pennsylvania’s Homeowners’ Emergency Mortgage Assistance Program, or HEMAP, which has successfully helped 43,000 unemployed mortgage-holders. The $3 billion national program would offer unemployed homeowners low-interest loans for up to $50,000, funded from the Troubled Asset Relief Program, to help them pay their mortgages for up to two years until they find jobs. Homeowners would make low payments to the Department of Housing and Urban Development during the spell of joblessness, and then repay the government after finding work.

    The fate of the proposal remained uncertain . Frank said that rather than taking the funds out of TARP, he might assess very big banks and hedge funds. "I think it would be a good thing for some of those very highly paid employees to contribute some money to help people losing their homes because in many cases it was their misjudgments that led to that happening," Frank told reporters

    So the fight will go on between the D's and the R's in the Senate. Now the R's have blocked any extension of unemployment benefits 3 times they will probably also block this proposal.
  2. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Thanks very much for sharing this information Dave!

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