Help for unemployed borrowers: lessons from the Pennsylvania Homeowners’ Emergency Mortgage Assistance Program

Junfeng Huang, James Orr, John Sporn and Joseph Tracy

Current Issues in Economics and Finance, 2011, vol. 17, issue Apr

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.

Keywords: Mortgages; Unemployment (search for similar items in EconPapers)
Date: 2011
References: Add references at CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
https://www.newyorkfed.org/medialibrary/media/rese ... t_issues/ci17-2.html (text/html)
https://www.newyorkfed.org/medialibrary/media/research/current_issues/ci17-2.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fip:fednci:y:2011:i:apr:n:v.17no.2

Ordering information: This journal article can be ordered from

Access Statistics for this article

More articles in Current Issues in Economics and Finance from Federal Reserve Bank of New York Contact information at EDIRC.
Bibliographic data for series maintained by Gabriella Bucciarelli ().