Alert: Foreclosure Mitigation On the Chopping Block

A hearing will be held on March 2 by the Insurance, Housing and Community Opportunity Subcommittee to review four bills addressing the Home Affordable Modification Program (HAMP), HUD’s Neighborhood Stabilization Program, the Federal Housing Administration (FHA) Short Refi Program, and the Emergency Homeowner Relief Fund passed under the Dodd-Frank Act. After the subcommittee review, each federal program will be headed to a a full committee markup on March 3.

Rep. Spencer Bachus (R-Alabama), chairman of the House Financial Services Committee, announced this week that he has scheduled a subcommittee hearing and full committee markup of four bills that will terminate what he says are “failed and ineffective housing foreclosure programs.”

Rep. Judy Biggert (R-Illinois), chairman of the Insurance and Housing Subcommittee, added, “We need to break down barriers that have delayed the housing recovery, including expensive and ineffective government programs that have failed to help homeowners. Unfortunately, these programs were set up in haste, executed poorly, and have done little to restore stability in the marketplace.”

Biggert continued, “A government program that spends more to save a single borrower than it costs to buy a home is no help at all – it’s just a waste of taxpayer money. We need to stop funding programs that don’t work with money we don’t have.”

Rep. Barney Frank (D-Massachusetts), ranking member and former chairman of the House Financial Services Committee, said he was “very disappointed” by the move that would “eliminate programs which help the victims of the financial crisis.”

Playing politics with housing? Who’d ever think it.

Deborah Bremner
The Bremner Group at Coldwell Banker
REALTOR, 00588885,
(O) 310-571-1364 DIRECT
(D) (310) 800-2954
Accredited Buyer Representative | Certified Distressed Property Expert | Pre-Foreclosure Specialist Certified

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