Congresswoman Fudge Applauds Help for Out-of-Work Homeowners in Financial Reform Bill

WASHINGTON D.C. – July 19, 2010 – (RealEstateRama) — Homeowners who have lost their jobs and face foreclosure will benefit from a new Emergency Homeowners’ Relief Fund. Modeled from  a successful program in Pennsylvania, the Fund provides $1 Billion for homeowners facing foreclosure. Qualified Americans will be able to borrow up to $50,000, if they are able to resume their mortgage payments within 2 years.

Congresswoman Marcia  L. Fudge (OH-11) voted for the Fund as a part of the  Wall Street Reform and Consumer Protection Act.  After passing the Senate Thursday, the bill is now awaiting President Obama’s signature.

“Millions of American homeowners, through no fault of their own, are jobless and struggling to pay their mortgages. Fortunately, this proven program helps Americans stay in their homes,” said Congresswoman Fudge. “This aid is timely. Foreclosures linked to unemployment in Ohio and around the nation continue to rise. The number of two parent families entering housing shelters is at an all time high.”

Pennsylvania’s Homeowners’ Emergency Mortgage Assistance Program provided 41,500 homeowners with over $433 million in emergency mortgage assistance since 1984. Nearly 90 percent of Pennsylvania homeowners receiving this assistance have avoided foreclosure.

The relief fund will be administered by the U.S. Department of Housing and Urban Development. The program will be fully implemented by October 1, 2010.