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House Committee Votes to End Foreclosure Programs

Mar 07, 2011By

The Financial Services Committee of the U.S. House of Representatives has taken aim at mortgage aid programs that have been widely considered ineffective.  According to Committee Chairman Spencer Bachus, "We should not waste taxpayer dollars on failed government programs that do not work and actually make things worse for struggling homeowners. These programs may have been well-intentioned, but they’re doing more harm than good." One program, due to be launched next month, the "Emergency Homeowners Relief Program, is set to provide $1 billion to provide loans to unemployed borrowers to allow them to make mortgage payments for a period

3d rendering of a row of luxury townhouses along a street

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