Tags: ALLTOP | BNALL | BNK | BNSTAFF | BNTEAMS | BON | BUSINESS

House GOP Votes to End Foreclosure Help Program

Tuesday, 29 Mar 2011 09:20 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

March 29 -- The U.S. House of Representatives voted to abolish a program designed to help homeowners avoid foreclosure as some Democrats aligning with Republicans against the measure.

The House voted 252-170 to eliminate the Home Affordable Modification Program, President Barack Obama’s effort to aid struggling homeowners. The program pays banks and mortgage servicers to modify borrowers’ monthly payments.

About 1.5 million households have begun trial mortgage modifications through HAMP, fewer than initial projections of 3 million to 4 million. More than 600,000 homeowners have received permanent modifications.

Neil Barofsky, special inspector general for the Troubled Asset Relief Program, has called the HAMP program “a failure” and said it pales in comparison to the record 2.9 million foreclosure filings in 2010.

The vote is the last of four brought by House Republicans to kill funding for homeowner-aid programs backed by the administration.

The measure must pass the Senate before it can become law. Senate Republicans Jim DeMint of South Carolina, Bob Corker of Tennessee and Tom Coburn of Oklahoma have introduced legislation to end the program. Obama has threatened to veto the bill if it gets to his desk.

.

© Copyright 2014 Bloomberg News. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Nurse, Maine in Stalemate Over Ebola Quarantine

Friday, 31 Oct 2014 07:02 AM

In between going on a bike ride and taking delivery of a pizza, nurse Kaci Hickox and her boyfriend did chores and watch . . .

Dershowitz Challenges UK's Miliband: Would You Protect Great Britain Against Terrorism?

Thursday, 30 Oct 2014 20:34 PM

Ed Miliband, who is the leader of Great Britain's Labour Party, wants to become Prime Minister following the next genera . . .

Michelle Obama to Heckler: 'We Love You'

Thursday, 30 Oct 2014 22:23 PM

A heckler interrupted Michelle Obama several times during a speech Thursday, to which the first lady replied, "We love y . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved