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H.R. 3587, The Homeowners' Emergency Mortgage Assistance Act
- This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.
Version saved on January 30, 2008, 19:07:18, by webmaster:
H.R. 3587 would establish a program to assist homeowners experiencing unavoidable, temporary difficulty making payments on mortgages insured under the National Housing Act.
Detailed Summary
Homeowners' Emergency Mortgage Assistance Act - Directs the Secretary of Housing and Urban Development to establish a mortgage emergency assistance program for qualifying homeowners with National Housing Act-insured mortgages who are temporarily unable to meet their obligations due to financial hardship beyond their control.
Requires: (1) homeowner repayment of such assistance and interest; and (2) certain conditions to be met before legal action may be taken against a qualifying homeowner, including providing the homeowner with program notice.
Status of the Legislation
Latest Major Action: 9/19/2007: Referred to House committee. Status: Referred to the House Committee on Financial Services.
Points in Favor
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Points Against
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Visitor Comments
Nick
November 6, 2008, 8:54am (report abuse)If we do not assist with the mortgages that are headed for default, this country will assume an additional 3 TRILLION dollars in debt. If a deep DEPRESSION is desired, vote against this bill.
bob
November 6, 2008, 10:56am (report abuse)In order to stop this crisis we need to help every person who has an ARM and refinance them into 30 yr fixed PERIOD. This includes investors and second home owners whether they are temporarily in trouble or not. Otherwise we'll still be in this mess 10 years from now
Dave From LA
November 21, 2008, 1:44am (report abuse)I went to http://www.loanmodassistant.com
It was $199 and guaranteed. The government says that make sure you get a guarantee and I don't think it can be beat ever.
I was with U.S. Bank on my 1st and 2nd mortgage. went from a 12.75 on 1st and 13 on 2nd to 6.% on both loans. I saved $812 each month. I hope this helps someone.