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Housing Aid Termination Bills Won’t Last

by Chicago Agent

As the House of Representatives seeks to end the Obama Administration’s housing aid programs, one source in the Senate tells HousingWire.com the termination bills are “dead on arrival.”

The House of Representatives approved the FHA Refinance Program Termination Act this week, and will likely do the same in upcoming days for Emergency Mortgage Relief Program Termination Act, Home Affordable Modification Program Termination Act, and the Neighborhood Safety Program Termination Act.

Even if all the bills are approved, the Senate will undoubtedly vote against them. “Simply ending foreclosure assistance, which has had modest results, won’t make the problem go away,” Senate Banking Committee spokesman Sean Oblack told HousingWire.

In the instance the bills make it to the President’s desk, the Obama Administration said on Tuesday they will be vetoed.

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