Fattah Praises President for Mortgage Relief Plan Similar to HEMA Legislation

WASHINGTON, March 26 /PRNewswire-USNewswire/ -- Congressman Chaka Fattah (D-PA), author of major legislation to provide emergency aid to unemployed homeowners facing foreclosure, releases this statement about the Obama Administration's proposal for emergency mortgage relief:

"America's mortgage-distressed homeowners have called out for help and the Obama Administration, once again, is responding.

"President Obama's plan, announced today, to reduce mortgage payments for unemployed, job-seeking homeowners is a dramatic and welcome initiative. It will allow these Americans, who are double-bind victims of the economic downturn and the mortgage crisis, to remain in their homes – an important step toward stabilizing our economy.

"The President's plan reflects that his Administration is adopting elements of my legislation, the Homeowners Emergency Mortgage Assistance Program. HEMA, which would apply $3 billion in TARP funds to the threatened mortgages of unemployed homeowners, won approval in the House as part of financial services overhaul legislation that is pending before the Senate. Senator Dodd has also included the language in the Senate bill.

"HEMA traces its roots to a program I authored as a state legislator in Pennsylvania in 1983 – a program that continues to pay dividends for Pennsylvania homeowners. The Pennsylvania Homeowners Emergency Assistance Program has provided $236 million – much of it now repaid – to tens of thousands of unemployed homeowners to meet mortgage emergencies and remain in their homes.

"The President is actively working to pull Americans out of the economic and home ownership mess that he inherited. He is to be commended for these national recovery efforts, and he can count on my full support."

SOURCE Office of Congressman Chaka Fattah

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