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OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®

Daily Real Estate News  |  April 27, 2011  |   Pennsylvania Gets Foreclosure Prevention Right
With the federal Home Affordable Modification Program falling short of expectations, lawmakers are taking a close look at one state's foreclosure prevention initiative that has demonstrated its efficacy over more than 25 years.

A study by the Federal Reserve Bank of New York finds that the Pennsylvania Homeowners Emergency Mortgage Assistance Program produces better results than HAMP, with participants retaining ownership of their homes at a rate of 80 percent; is easier to administer; and costs less than the $30 billion federal effort.

Source: "Study: Pennsylvania Gets It Right in Preventing Foreclosures," Pittsburgh (Pa.) Tribune-Review (04/26/11)

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