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HAMP: On the Chopping Block

By Implode-Explode Heavy Industries

``Republicans on the Committee voted unanimously to shut down the Emergency Homeowner's Loan Program (EHLP) and FHA's Short-Refinance Option. EHLP is not scheduled to go into operation until next month and the Short-Refi program got off to a slow start and has, as yet assisted only a few homeowners but also has cost $0 in federal monies. The next two housing recovery efforts on the chopping block: HAMP and the Neighborhood Stabilization Program. With the Committee scheduled to vote Wednesday on the fate of both programs, supporters are beginning to fight back... If the Committee votes tomorrow to terminate the second set of programs, the bills must still pass a vote by the entire House, the democratically controlled Senate, and then a Presidential veto. The latter two sound unlikely based on rhetoric from the Administration. ''

Full post as published by Mortgage Lender Implode-o-Meter on March 09, 2011 (boomark / email).