| WASHINGTON, DC -- Congressman Chaka Fattah (D-PA) today introduced
The Homeowners’ Emergency Mortgage Assistance Act (HEMA) which would establish
a program to assist homeowners experiencing unavoidable, temporary difficulty
making payments on mortgages insured under the National Housing Act.
“Homeownership is an American dream,” said Congressman Fattah.
“This bill will ensure that the dream does not turn into a nightmare.”
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.
As a state lawmaker, Chaka Fattah was instrumental in enacting this
policy. In Pennsylvania, the program has helped 30,000 homeowners.
After seeing its success statewide, Congressman Fattah now wants to allow
homeowners nationwide a chance to keep their dreams realized.
“The downturn of the economy has forced many hardworking Americans to
the unemployment line,” said Congressman Fattah. “Along with the
other sacrifices they will have to make, they shouldn’t have to give up
their homes.”
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