WASHINGTON (CNNMoney) – The House is expected to vote Tuesday to kill a signature Obama administration program that helps homeowners stay in their homes but faces criticism as ineffective.
House Republicans will consider a bill to stop any new funding for the Home Affordable Modification Program (HAMP). The program taps the federal bailout that saved the big banks, providing incentives to mortgage servicers to modify mortgages for borrowers behind on their payments.
Treasury has pointed out, on several occasions, that while the HAMP program could be better, it's the only federal program spurring mortgage servicers to help homeowners.
Why is it the Federal Government's ( i.e., taxpayer's ) job to help homeowners get mortgages they can afford?!?!?
I will answer my own question. It is not the federal government's responsibility. As HAMP proved, they are not any good at it anyway. It was purely a political manuever by the Obama Administration to look like they were helping when it turns out they were just mismanaging tax dollars again.
Private lenders do a much better job of modifying mortgages when it is appropriate to do and it is not always the right answer. HAMP is just more evidence that the federal government needs to stay out of the mortgage business.
Almost all these people shouldn't have been these homes anyway. The houses were well over what they could afford and they didn't have to put any money down. The program was a total bust as all it did was to spend taxpayer money and the deadbeats got foreclosed on anyway. Time to end all of Obummie's give away programs.
I hate to say it, but the folks I know who tried to take advantage of this govt incentive had absolutely no success at all. The only folks who seemed to make out on this was the banks who took the money and apparently just held it, similar to what states did with stimulus money, they just held it.
Can anyone name ONE thing that the Republicans have done to improve or submit that helps Americans move forward?
The Republicans are trying to destroy any success that the president has to move forward helping working people in this country.
If he was WHITE it would not be happening to this degree. That leaves most people to see what they are all about.
The GOP wants the middle class to disappear
This shill of a mortgage scam of Obama's along with the QE artificially proping up the stock market is a fallacy at best. Time to wake up country.
There go the FASCISTS sticking it to the middle class again. All they're going to do is take the money and give it to their corporate masters.
Oh boy! The GOP just wants everyone to fail don't they?
Why not wipe it out, it's not benefitting the republicans benefactors – the corporations, banks and the wealthy. They don't even try to hide their cynicism for the average american any more. Onward with their "I've got mine, screw you" ideology.
Trillions in tax breaks to the rich and cutting money that is helping desperate Americans keep a roof over their families heads. That is the difference between the Republicans and the Democrats. All this will do is take more money from the average guy because the more foreclosures we have the less your house will be worth. This means your local property taxes will have to go up to cover the lost of revenue from foreclosures. DONT YOU MIDDLE CLASS MORONS GET IT. THE GOP IS WAGING WAR ON THE MIDDLE AND POOR CLASS.
Another assult on the working class, huh say it aint so... The GOP will only help the wealthy, this is clear.... Working people trying to keep their homes, the GOP is Outragous... When are they going to work on JOB.. Not one plan the GOP has intruduced have anything to do with JOBS.... Please name one....
These clowns never give up. Instead of trying to do something meaningful, they spin their wheels trying to undo Obama's policies, which ultimately go nowhere and accomplish nothing. Remember your mantra GOP faithful: "jobs, jobs, jobs". Clearly that was just a campaign slogan. The 2012 elections will not be a fun time for the GOP.