Pennsylvania gets it right in preventing foreclosures


The Pennsylvania Homeowners Emergency Mortgage Assistance Program, established in 1984, long before the recent mortgage crisis, gives bridge loans to people who have recently lost their jobs. A recent study from the New York Fed says the Pennsylvania law works far better than the $30 billion national program set up in 2009 called the Home Affordable Modification Program, which has led to 630,000 loan modifications out of a targeted 3 million to 4 million.

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