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Tuesday, January 09, 2007

Democrat To Introduce Mortgage Protection Bill

U.S. Rep. Chaka Fattah (D-Pa.) will reintroduce the Homeowners' Emergency Mortgage Assistance Act(HEMA) this month which would establish a program to assist homeowners
experiencing unavoidable, temporary difficulty making payments on mortgages
insured under the National Housing Act.

In 2006, more than 1 million properties nationwide were in foreclosure, up almost 30 percent from 2005. Analysts expect foreclosures to continue rising in 2007.

"Homeownership is an American dream," says 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, Fattah says he was instrumental in enacting this policy. In Pennsylvania, the program has assisted more than 30,000 homeowners. After seeing its success statewide, Fattah says he now wants to provide homeowners nationwide the opportunity to keep their dreams alive.

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