Dems, GOP Duke It Out Over Emergency Mortgage Relief Program

Republicans and Democrats are fighting it out over the Emergency Mortgage Relief Program, a program created to provide loans to homeowners that can’t meet their monthly mortgage payments due to illness, or job loss.

Today, the Republicans are muscling a bill through the house that will kill the program. Republicans say the program should be cut as it’s unneeded in these times of huge federal budget deficits. On the other side of the debate, Democrats say it would be cruel to end the program at a time of high unemployment and a weak housing market have millions of homeowners at risk of losing their homes. Naturally, the Whitehouse has indicated they will veto the bill.
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This editor has no idea why the two parties are fighting over this, as The Emergency Mortgage Relief Program, created in last years financial overhaul, has YET to lend any money to homeowners! Yet another waste of time debate in the House.

Emergency Mortgage Relief – Office of the Law Revision Counsel

(b) Mortgages eligible; terms and conditions Emergency mortgage relief payments …. participation by such bank in the program authorized by this chapter. 

 

H.R. 836, Emergency Mortgage Relief Program Termination Act

Mar 7, 2011  CBO Estimate of Pay-As-You-Go Effects for H.R. 836, the Emergency Mortgage Relief Program Termination Act, as 

HR 836, The Emergency Mortgage Relief Program Termination Act …

Feb 28, 2011  H.R. 836 would rescind the unobligated funding for the Emergency Mortgage Relief Program and to terminate the program.