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Federal Reserve Bank of New York
Current Issues in Economics and Finance
Help for unemployed borrowers: lessons from the Pennsylvania Homeowners’ Emergency Mortgage Assistance Program
James A. Orr
John Sporn
Joseph Tracy
Junfeng Huang
Abstract

In an environment of high foreclosure rates and distressed housing markets, federal policies are focusing on loan modifications to help delinquent homeowners pay their mortgages. While it is too soon to assess the effectiveness of these modifications, policymakers considering future refinements may gain insight from a more established, state-level enterprise that takes an alternative approach to mortgage relief. The Pennsylvania Homeowners’ Emergency Mortgage Assistance Program provides temporary income support to homeowners unable to pay their mortgage during a spell of unemployment. The program has helped most participants retain their homes while paying off their loans—at a potentially lower cost than that of other relief initiatives.


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James A. Orr & John Sporn & Joseph Tracy & Junfeng Huang, "Help for unemployed borrowers: lessons from the Pennsylvania Homeowners’ Emergency Mortgage Assistance Program" , Federal Reserve Bank of New York, Current Issues in Economics and Finance, volume 17, issue Apr, 2011.
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Keywords: Mortgages ; Unemployment
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