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-veto-bill-killing-foreclosure-prevention/

I thought Obama did not care about the little guy and that he was just like the republicans....I am confused now. :-(

As I recall, not very many.

I oppose repealing it, however.

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-housing-loans-idUSTRE7290GM20110310

Obama is taking a strong position against a useless program.

It's a great day.

:sarcasm:

it saved my home! :-) It also saved my down the street neighbor's home as well....

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-housing-loans-idUSTRE7290GM20110310

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.

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?

Even with regard to the bailouts it was not a give away....feds got paid back....

attached by the republicans in the House.

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.