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Financial News: Obama would veto bill killing foreclosure prevention

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dennis4868 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Mar-16-11 08:51 AM
Original message
Financial News: Obama would veto bill killing foreclosure prevention
WASHINGTON (Reuters) President Barack Obama would veto a Republican-backed bill killing his signature mortgage foreclosure prevention program if Congress passes it, his administration said on Tuesday.

The Republican-controlled U.S. House of Representatives Financial Services Committee has approved a measure that would shutter the Home Affordable Modification Program (HAMP), which aims to help struggling borrowers win lower mortgage payments.

The Obama administration "strongly opposes" House action to eliminate HAMP, and if the legislation was presented to the president for his signature into law "his senior advisors would recommend that he veto the bill," it said in a statement.

The program is designed to prevent mortgage foreclosures by giving lenders incentives to permanently lower monthly mortgage payments to help struggling owners stay in their homes.

The rest is here...http://finance.blogrange.com/finance-news/obama-would-v... /

I thought Obama did not care about the little guy and that he was just like the republicans....I am confused now. :-(
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bluestateguy Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Mar-16-11 08:53 AM
Response to Original message
1. How many people were helped by this program?
As I recall, not very many.

I oppose repealing it, however.
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sharp_stick Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Mar-16-11 10:07 AM
Response to Reply #1
9. About half a million
only about 10% of what they hoped but still a pretty significant number. If they could figure out a way to cut the red tape it would have a lot more.

http://www.reuters.com/article/2011/03/10/us-usa-housin...
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krawhitham Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Mar-16-11 02:04 PM
Response to Reply #9
12. More help might be on the way for 4.7 million
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DURHAM D Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Mar-16-11 08:56 AM
Response to Original message
2. Wow - that is great.
Obama is taking a strong position against a useless program.

It's a great day.

:sarcasm:
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dennis4868 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Mar-16-11 08:57 AM
Response to Reply #2
4. Not useless to me...
it saved my home! :-) It also saved my down the street neighbor's home as well....
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no limit Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Mar-16-11 09:14 AM
Response to Reply #4
8. I guess the legal profession isn't paying all that well lately.
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sharp_stick Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Mar-16-11 10:11 AM
Response to Reply #2
10. Half a million
isn't as much as they wanted but hardly useless.

Basic research is a skill you might want to pick up in the future.

http://www.reuters.com/article/2011/03/10/us-usa-housin...
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DURHAM D Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Mar-16-11 10:17 AM
Response to Reply #10
11. My My
Edited on Wed Mar-16-11 10:20 AM by DURHAM D
Perhaps you should read the article you linked. 1/30th of the money provided has been used.

reading is fundamental...

edit: Its like Health Care Reform - upon passage the bill immediately needed to be reformed.
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no_hypocrisy Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Mar-16-11 08:56 AM
Response to Original message
3. OK, there must be MORE in the bill than stopping foreclosure.
Anyone know if there are hidden amendments with giveaways to the banks in exchange for this Bill and THAT is why Obama would veto it?
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dennis4868 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Mar-16-11 08:58 AM
Response to Reply #3
5. Why would Obama give anything to the banks?
Even with regard to the bailouts it was not a give away....feds got paid back....
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no_hypocrisy Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Mar-16-11 09:04 AM
Response to Reply #5
6. He wouldn't. The amendment with the gift to the banks would have been
attached by the republicans in the House.
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no limit Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Mar-16-11 09:14 AM
Response to Original message
7. "his senior advisors would recommend that he veto the bill"
Why can't they simply say Obama would veto the bill? Why beat around the Bush? Even when this administration does something good they go out of their way to be ambiguous about it just so that if they go back on their word they can tell us they never actually promised anything.
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