Push to end Foreclosure Help Program

February 2, 2011

For a program that was supposed to help homeowners avoid foreclosure, the federal government’s Making Home Affordable Program hasn’t exactly been a success.  In fact, the program has a pretty bad record of actually helping homeowners.  Republican lawmakers are jumping on the program’s lack of results and trying to put an end to the program that President Obama said would help millions of Americans. 

Last week, House Republicans introduced a bill to endthe foreclosure prevention effort, calling the White House program a “colossal failure.”  Rep. Jim Jordan (R., Ohio) introduced the bill to terminate the Treasury Department’s Home Affordable Modification Program immediately.  He was joined by Rep. Darrell Issa (R., Calif.), chairman of the House Committee on Oversight and Government Reform, and Rep. Patrick McHenry (R., N.C.).

The move by Republicans highlights a mounting political problem for the Obama administration’s’ troubled efforts to attack the foreclosure crisis. The administration has been criticized from both sides of the political spectrum.  Click here to read more from the Wall Street Journal.