Friday, March 11, 2011

House Votes to Kill Help

Well, as discussed here twice recently, the House of Reps voted yesterday on the first of four sources of help for financially troubled homeowners. As expected, the largely party-line vote, led by the Republicans, voted to KILL the FHA's Short Refi Program. Vote was 256-171. Designed to help homeowners whose homes were worth less than the amount owed on the mortgage(s),it allowed homeowners to refi with FHA at a lower loan amount. It has to now clear the Senate before going to the President, so perhaps there is hope that the bill will not become law. Obama has said he'll veto, but why let it get that far? But you must contact your Senators to insure this horrible piece of legislation dies without becoming law. I don't want to jump on a soapbox here, but I fail to see what the problem is with helping people keep their homes--NO MATTER WHAT YOUR POLITICAL AFFILIATION! The House wants to stop this helpful program. Guess none of them are at risk of foreclosure.

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