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Daily Real Estate News  |  March 10, 2011  |   Will a Veto Save Refinance Program?
The White House is threatening to veto any Republican bill that would end an administration-backed program that helps underwater home owners refinance their homes.

Last week, the House Financial Services Committee voted to end the Federal Housing Administration Refinance Program. Since the program started last September, it has helped 63 underwater home owners modify their mortgages into more affordable FHA-insured loans, according to the Housing and Urban Development Department.

"This program offers a cost effective approach to assisting underwater borrowers and will lead to sustainable long term home ownership," the White House budget office said in a statement.

The Republicans argue the program has not worked and has wasted taxpayer money.

The bill needs to be approved by the full GOP-run House and then the Democratic-led Senate, where many expect it will fail.

House Republicans have been working on bills to end four administration-supported programs aimed at preventing foreclosure, which they argue have done little to help troubled home owners.

The House Financial Services Committee is expected to vote to end two other foreclosure programs possibly this week: the Home Affordable Modification Program (HAMP) and a state and local government program for refurbishing abandoned and foreclosed properties.

Source: "White House Threatens Veto of GOP Bill Ending Program to Help ‘Underwater’ Borrowers," Associated Press (March 8, 2011)

Related news:

Committee Votes to End 2 Housing Aid Programs

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