About Government Refinance and Home Purchase Programs

Information and Updates on Government Mortgage Programs
Filed under Government Mortgage Financing Programs News

Republicans in the US House of Representatives would like to end several government sponsored foreclosure prevention programs saying the programs are ineffective. We get this from a recent report published at the Miami Herald:

The House is scheduled to vote this week on getting rid of a refinance program for Federal Housing Administration loans and another program, scheduled to begin next month, that would help homeowners with delinquent payments.

The House Financial Services Committee is expected to vote Wednesday morning on ending two other measures: One of them is a massive effort that was designed to adjust up to 4 million mortgages but so far has tackled just half a million successfully. The other is the Neighborhood Stabilization Program, which steers money to communities hit hard by foreclosures

However it appears that such a vote would end up being symbolic only because there is virtually no chance such a law would get past the Democratics in the Senate or President Obama.

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