Tuesday, March 15, 2011

House Votes to Kill Another Housing-Assistance Program

The House of Representatives approved a bill, 242-177, on Friday that would end the federal program that lets out-of-work homeowners take out government loans to temporarily stay current on their mortgages, CongressDaily reported on Friday. The measure would immediately turn off $1 billion in loans available through the Housing and Urban Development Department to borrowers with costly medical bills or who have lost their job. The Senate is not poised to act on the measure and the White House has issued a veto threat on the bill. The House this week plans to take up two other Republican-led bills aimed at killing Obama administration housing-assistance programs. One would end the Home Affordable Modification Program; another would terminate the Neighborhood Stabilization Program, which has $1 billion left for rehabilitating abandoned homes.