Greetings neighbors,

There's more great news for those who are in distress in regards to their home mortgages thanks to a recent bill passed last week. The Restoring American Financial Stability Act passed by Congress, will reduce mortgage payments for those who are unemployed.

In addition, the program will supply 3 billion dollars which will come from the Troubled Asset Relief Program or TARP, which will give approximately $50,000 to those who are unemployed and own a home. These homeowners are expected to resume their regular payments within two years.

The newly presented program was modeled after Pennsylvania's Homeowners' Emergency Mortgage Assistance Program (HEMAP). Introduced to the state of Pennsylvania in 1983, HEMAP has since provided $236 million to unemployed homeowners.

It has been said that lawmakers hope to have the new Act signed by President Obama by July 4, 2010 recess.