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Wednesday, February 15, 2012

Senate Democrats Call on Attorney General to Reinstate HEMAP with Settlement Funds

Senate Democrats Call on Attorney General to Reinstate HEMAP with Settlement Funds

Pennsylvania is set to receive $266 million from a national settlement with mortgage servicers

HEMAP Press Conference

February 8, 2012 - Hughes speaks about the importance of funding the HEMAP Program at a news conference.

My fellow Senate Democrats and I today called on Pennsylvania Attorney General Linda Kelly to use settlement funds to stave off foreclosures by reinstating the Homeowners Emergency Mortgage Assistance Program (HEMAP).

Pennsylvania is among several states set to receive a significant amount of funding from a $25 billion national settlement with the nation’s five largest mortgage servicers as a result of an investigation of mortgage and foreclosure abuses by state attorneys general and bank regulators from across the United States.

Under the agreement, Pennsylvania is set to receive $266 million.

We have requested that these funds be used to reestablish HEMAP. HEMAP was forced to close on July 1, 2011 after its funding was cut. Before its closure, HEMAP received annual funding of between $10 and $11 million for many years. HEMAP was not funded in Governor Corbett’s 2012-13 budget proposal.

HEMAP was created in 1983 to assist and protect Pennsylvania homeowners who are financially unable to make their mortgage payments and are in danger of losing their homes.

Since its inception, HEMAP has assisted over 46,000 families in every county throughout Pennsylvania, 85 percent of these homeowners who have received HEMAP loans remain in their homes.

HEMAP funds are loaned to eligible borrowers both to bring delinquent loans current and to assist borrowers in making monthly mortgage payments for up
to 24 months.

HEMAP Press Conference
February 8, 2012 - Hughes speaks about the importance of funding the HEMAP Program at a news conference.

3 comments :

Anonymous said...

Why don't democrats quit blaming the banks and the system! How about this people don't buy somthing you can't pay for!

Anonymous said...

to previous poster...sometimes you buy something you can afford and then due to a job loss or disability,you can no longer afford it. One might think, well then sell it, but that isn't always easy either if the market is down. Think outside the box!

Anonymous said...

yeah and it'll go to the ones who don't need it but don't wanna pay their mortgages. same as everything else. won't help the ones who need it but give it to the ones who don't.