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

Author

Listed:
  • Junfeng Huang
  • James A. Orr
  • John Sporn
  • Joseph Tracy

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.

Suggested Citation

  • Junfeng Huang & James A. Orr & John Sporn & Joseph Tracy, 2011. "Help for unemployed borrowers: lessons from the Pennsylvania Homeowners’ Emergency Mortgage Assistance Program," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 17(Apr).
    • Handle: RePEc:fip:fednci:y:2011:i:apr:n:v.17no.2
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    Citations

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    Cited by:

    1. Robert Hockett, 2013. "Paying Paul and robbing no one: an eminent domain solution for underwater mortgage debt," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 19(Jun).
    2. Fraisse, H. & Frouté, P., 2012. "Households Debt Restructuring: Evidence from the French Experience," Working papers 404, Banque de France.
    3. Stephanie Moulton & Yung Chun & Stephanie Casey Pierce & Roberto Quercia & Sarah Riley & Holly Holtzen, 2022. "Does Temporary Mortgage Assistance for Unemployed Homeowners Reduce Longer‐Term Mortgage Default? An Analysis of the Hardest Hit Fund Program," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 41(2), pages 515-551, March.

    More about this item

    Keywords

    Mortgages; Unemployment;

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