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House Votes To Kill Main Obama Foreclosure Aid

03/30/2011 7:45 am 0 comments

Source: Corbett B. Daly / Reuters

The U.S. House of Representatives on Tuesday voted to kill President Barack Obama’s signature program to help struggling homeowners avoid foreclosure.

It was the last in series of four measures brought forward by newly empowered House Republicans to end government assistance for homeowners hurt by the housing crisis.

Republicans argued the foreclosure prevention plan, known as the Home Affordable Modification Program, is ineffective and not worthy of taxpayer support amid soaring budget deficits. The vote broke largely along party lines.

The program, which offers incentives for lenders to modify loans, was launched to great fanfare in the spring of 2009. The Obama administration had hoped it would permanently lower mortgage payments for 3 million to 4 million homeowners.

To read this article in its entirety visit Reuters.

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