Bill would shut down mortgage
programs
Source:
Informa Research Services
(3/11/2011) Thousands
of financially troubled consumers around the country have received assistance
paying their mortgage bills from the federal government, but lawmakers recently
approved a bill that might end these initiatives.
Republicans
on the House Financial Services Committee recently voted to shut down President
Barack Obama's Home Affordable Modification Program (HAMP), according to a
report from Reuters. The House, which is controlled by the GOP, will likely back
the bill in the near future, but could run into opposition when it reaches the
Senate.
In
particular, Republicans object to the cost of the program - about $30 billion -
and its lack of results in the first several months of operation, the report
said.
"If
you can't get rid of programs that number one, aren't working, aren't effective
... what hope do we have?" Rep. Jeb Hensarling asked before the committee,
according to the news source.
Troubled
homeowners that have been unable to obtain mortgage modifications through this
program may want to consider a refinance,
which can have the similar effect of reducing their monthly payments by several
hundred dollars. The best local mortgage rates can be found by checking the latest online rate tables.
Follow the link to continue reading the related articles.
