The Obama Administration says it would veto two bills from House Republicans that would put a stop to homeowner relief programs, should they end up on President Obama’s desk.
The bills, approved by the Committee on Financial Services and its chairman, Sen. Spencer Bachus, aim terminate the Home Affordable Modification Program (HAMP) and the Emergency Mortgage Relief Program. The bills, says the committee, will prevent more than $30 billion in additional spending on the programs.
The Office of Management and Budget (OMB), indicates the president will veto such bills. “If the President is presented with a bill that undermines critical priorities or national security through funding levels or restrictions, contains earmarks, or curtails the drivers of long-term economic growth and job creation while continuing to burden future generations with deficits, the President will veto the bill,” a March 9 statement said.
Additionally, the OMB advised the president to veto H.R. 836, which would terminate the Emergency Mortgage Relief Program; which gave the Department of Housing and Urban Development $1 billion toward assisting homeowners facing foreclosure. OMB said the program would continue to help homeowners, including 30,000 over the next 2 and a half years.
The bills are included in a total of four such bills pushed by House Republicans in recent weeks that would terminate housing relief programs.
Written by Elizabeth Ecker