WASHINGTON -(Dow Jones)- Department of Housing and Urban Development Secretary Shaun Donovan said the administration is looking at a 25-year-old Pennsylvania program as one of the models it might apply toward helping unemployed homeowners avoid foreclosure.
The Homeowners Emergency Assistance Program, or HEMAP, provides loans for up to three years to help the out-of-work meet their mortgage payments until they find a job. Homeowners pay no interest on the loans while they’re unemployed.
“It is one of the models that we’re looking at,” Donovan told reporters after a speech in Washington Friday.
The administration “is looking at a set of models around unemployment and I think it’s fair to say we’ll expect to make an announcement fairly soon,” he added.
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Hurry up and help the unemployed!!! I have been run around by Bank of America, who ranks LOW in actions and caring by all the charts. DROP THE HAMMER ALREADY on the banks and give the a kick in the A.