Many economists have said for almost two years that the Obama administration’s programs to assist homeowners struggling to pay their mortgages are ineffective. And now House Republicans are trying to put an end to those programs, The Hill reports
The House Financial Services Committee announced plans Thursday to pass a bill that would stop four of President Barack Obama’s programs, saving the government $45 billion.
"It's time to pull the plug on these programs that are actually doing more harm than good for struggling homeowners," said committee chairman Spencer Bachus, R-Ala.
"These programs may have been well-intentioned, but they're not working and, in reality, are making things worse."
Even the Obama administration has acknowledged shortcomings in some of its efforts.
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