Sunday, February 14, 2016

Mortgage relief program aimed at foreclosures

Included in the Wall Street reform legislation finally passed by Congress was a bill authored by U.S. Rep. Chaka Fattah (D., Pa.) that will create an emergency mortgage relief program.

Mortgage relief program aimed at foreclosures

0 comments

 

Included in the Wall Street reform legislation finally passed by Congress was a bill authored by U.S. Rep. Chaka Fattah (D., Pa.) that will create an emergency mortgage relief program.
 
Fattah deserves kudos for successfully steering the measure that will help eligible homeowners who have lost their jobs avoid foreclosure. With the country still trying to escape the grips of recession, that type of assistance is an important tool for recovery.
 
The program makes more than $1 billion in TARP funds available to families about to lose their homes. Homeowners may borrow up to $50,000, provided they can show they have a reasonable prospect of resuming mortgage payments within 24 months.
 
Administered by the Department of Housing and Urban Development, the federal project will be patterned after Pennsylvania’s Homeowners Emergency Mortgage Assistance Program, which has provided 41,500 homeowners with $433 million in assistance since 1984.
 
Yes, Fattah authored that legislation, too, when he was a House member in the state’s General Assembly. Nearly 90 percent of the participants in the Pennsylvania program have avoided foreclosure, and almost half, 19,700, have repaid their loans in full.
 
This is the type of bailout that produces tangible results that are easy to see. Until the unemployment rate drops significantly, programs that similarly help families make it through tight periods are worth the cost. They need a chance to get back on their feet.
0 comments
We encourage respectful comments but reserve the right to delete anything that doesn't contribute to an engaging dialogue.
Help us moderate this thread by flagging comments that violate our guidelines.

Comment policy:

Philly.com comments are intended to be civil, friendly conversations. Please treat other participants with respect and in a way that you would want to be treated. You are responsible for what you say. And please, stay on topic. If you see an objectionable post, please report it to us using the "Report Abuse" option.

Please note that comments are monitored by Philly.com staff. We reserve the right at all times to remove any information or materials that are unlawful, threatening, abusive, libelous, defamatory, obscene, vulgar, pornographic, profane, indecent or otherwise objectionable. Personal attacks, especially on other participants, are not permitted. We reserve the right to permanently block any user who violates these terms and conditions.

Additionally comments that are long, have multiple paragraph breaks, include code, or include hyperlinks may not be posted.

Read 0 comments
 
comments powered by Disqus
About this blog

The Inquirer Editorial Board's Say What? opinion blog showcases the work of the editors and writers who produce the newspaper's daily and Sunday opinion pages.

Find out more about The Inquirer's Editorial Board here.

The Inquirer Editorial Board
Also on Philly.com
letter icon Newsletter