Journal Article

PHFA Takes Pro-Active Steps in Loan Servicing to Keep Borrowers in Their Homes

Abstract: The Pennsylvania Housing Finance Agency (PHFA) was created 40 years ago by the state legislature to expand affordable housing options for the state?s residents. It does so through a number of programs that include funding the construction of multifamily rental units, providing affordable home mortgages, supporting housing counseling at no cost to prospective homeowners, and engaging in foreclosure prevention efforts. This article focuses on the PHFA?s servicing of its home purchase mortgages to Pennsylvania residents and the pro-active steps taken by the agency to help keep borrowers in their homes when they are in danger of default or foreclosure.

Keywords: Foreclosures; affordable housing; low income;

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Bibliographic Information

Provider: Federal Reserve Bank of Philadelphia

Part of Series: Cascade

Publication Date: 2013-01

Volume: 1

Order Number: 82