Foreclosure Programs Real Estate Nashville is reporting that the chairman of the House Financial Services Committee announced this week that he has scheduled hearings that will eliminate four federal foreclosure programs which he claims are failed and ineffective.

The programs are the Home Affordable Modification Program (HAMP), HUD’s Neighborhood Stabilization Program, the Federal Housing Administration (FHA) Short Refi Program, and the Emergency Homeowner Relief Fund passed under the Dodd-Frank Act.

The chairman stated, “In an era of record-breaking deficits, it’s time to pull the plug on these programs that are actually doing more harm than good for struggling homeowners. These programs may have been well-intentioned
but they’re not working and, in reality, are making things worse.”

Rep. Judy Biggert stated, “We need to break down barriers that have delayed the housing recovery, including expensive and ineffective government programs that have failed to help homeowners. Unfortunately, these programs were set up in haste, executed poorly, and have done little to restore stability in the marketplace.” “A government program that spends more to save a single borrower than it costs to buy a home is no help at all – it’s just a waste of taxpayer money. We need to stop funding programs that don’t work with money we don’t have.”

Federal Foreclosure Programs

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