Homeowners Preservation of Equity Act of 2006
Last action on Mar 16, 2006Referred to the House Committee on Financial Services.
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Summary
The Homeowners Preservation of Equity Act of 2006 was designed to provide financial relief to homeowners whose primary residences were severely damaged or destroyed by Hurricane Katrina. The bill proposed a federal program to make temporary emergency mortgage payments on behalf of eligible individuals living in the Gulf Opportunity (GO) Zone. By covering these monthly obligations for a limited time, the legislation aimed to help displaced residents avoid foreclosure and preserve their home equity while they recovered from the disaster.
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