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 July 14, 2009

Plan to Save Jobless Proposed by Congressman
Representative Barney Frank, (D) Massachusetts proposes that two billion dollars be appropriated to assist unemployed mortgage holders in the refinancing of their homes. Frank is the chairperson of the House Financial Services Committee.
Frank's proposal would actually revive a past program which was instituted in 1975 which offered assistance to unemployed home owners.

Brian A. Hudson Sr. who is the chief executive with the Pennsylvania Housing Finance Agency, stated his support for the proposal by explaining that there has to be a "reasonable likelihood" that an unemployed homeowner will eventually be able to resume making their mortgage payments without further help. Emphasizing the point that any assistance offered would be on a temporary basis.

Representative Frank's proposal also plans to earmark one billion dollars to construct and maintain affordable housing. An additional one and one half billion would go towards the redevelopment of abandoned and foreclosed homes. Yet another 2 billion dollars would be used to protect tenants in peril of losing their homes due to landlords which face foreclosure.