An estimated 5.5 million homeowners facing imminent foreclosure are one signature away from assistance thanks to legislation approved in both the Senate and House of Representatives. The plan is modeled after the successful Pennsylvania program Rep. Chaka Fattah (D-PA) introduced and steered into law in 1983, the Homeowners' Emergency Mortgage Assistance Program (HEMAP) as a state representative in the Pennsylvania legislature. Since HEMAP's inception in Pennsylvania, more than 43,000 owners have avoided losing their homes.Read more

U.S. Department of the Treasury Secretary Timothy F. Geithner has delivered testimony before the Senate Committee on Appropriations Subcommittee on Financial Services and General Government. In his testimony, Secretary Geithner touches upon a number of topics, from the Home Affordable Modification Program (HAMP), to Wall Street bailouts, to his accusations that the big banks and servicers are not doing enough to assist homeowners in the current housing crisis. The following is Secretary Geithner's prepared testimony before the Senate Committee:Read more

Jay Brinkmann, chief economist and senior vice president of research and economics for the Mortgage Bankers Association (MBA), testified today before the Senate Committee on Banking, Housing and Urban Affairs at a hearing titled, "The State of the Nation's Housing Market." Below is Mr. Brinkmann's oral statement to the committee, as prepared for delivery. "Good morning. I am Emile J. Brinkmann, chief economist of the Mortgage Bankers Association.Read more