What is the Homeowners' Emergency Mortgage Assistance Program?

The Homeowners' Emergency Mortgage Assistance program is a mortgage relief bill that is currently being reviewed in the U.S. House of Representatives committee on Financial Services. Since this bill is in the early stages of the procedure to become a law, it still has to overcome several major hurdles before (and if ever) it becomes a law. Nevertheless, it is worthwhile to take an in-depth look at this proposed program to understand precisely what type of actions lawmakers are working on to address the recent economic turmoil.