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March 18, 2003 Protect the American Dream support the Homeowners Emergency Mortgage Assistance Act Dear Colleague; Everyone dreams of one day purchasing their own home. It’s the American way, it’s the American dream. However, that dream sometimes turns into a nightmare when catastrophic circumstances, such as the loss of a job or illness, place the homeowner in a position where he can’t meet his monthly mortgage obligation. According to the Mortgage Bankers Association, the nations high unemployment rate has been the primary reason for mortgage delinquencies. Until the economy turns around and the unemployment rate decreases, we can expect foreclosures to remain a threat to the American dream. That is why I urge you to support the Homeowners Emergency Mortgage Assistance Act (HEMA). This bill would establish a program to assist homeowners experiencing unavoidable, temporary difficulty in making payments on mortgages insured under the National Housing Act. Under HEMA, homeowners who are at least two months delinquent in their mortgage payments and have been notified by their lender of intent to foreclose would be eligible to receive assistance. Repayment of such assistance with interest will be required after the homeowner regains his financial stability, a period not to exceed three years. Help us protect the American dream. Very truly yours, Chaka Fattah
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