Tags: US | Congress | Housing

House Votes to End Emergency Mortgage Aid

Friday, 11 Mar 2011 01:29 PM

 


The House has voted to end a program designed to give federal loans to homeowners who can't make mortgage payments because they've lost their jobs or become ill.

Lawmakers approved the Republican-written bill Friday by a mostly party-line 242-177 vote. It marked the second time in two days that the House has voted to end aid for struggling homeowners.

The White House has threatened to veto the bill should it reach President Barack Obama's desk, saying the program would help keep people in their homes. Republicans said with sky-high federal deficits, it is time to make the government smaller and help companies expand and create jobs.

The $1 billion Emergency Mortgage Relief Program was created in last year's financial overhaul law, but has yet to make any loans.


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