In a 256 to 117 vote the Federal Housing Administration Refinancing Program will be no longer be available to help homeowners facing foreclosure if the GOP has their way. The program is one of two mortgage assistance programs facing the chopping block. Analysts believe the Senate will veto the bill, feeling as though not offering emergency assistance to those behind on their mortgages would greatly affect economic growth. The fund which was allotted 8 billion dollars has only paid out 50 million in relief. Republicans believe this fund could be used pay of the federal deficit.
The White House Administration maintains the program is necessary and will fight to keep the fund available to troubled homeowners. If people who are behind on their mortgages don’t have assistance more foreclosed homes could enter the market driving home prices down even more which will negatively affect the housing industry.
Over a fourth of homeowners is in arrears with their mortgages and must enlist foreclosure attorneys. The rising price of necessities and fuel are financially overwhelming for many people which compounded by the unemployment rate drive more and more people into the offices of foreclosure lawyers. Without assistance homeowners are vulnerable to the fast-tracking foreclosure procedures often employed by large banks who recently became the subject of injuries over their unsavory practices. The goal should be to keep people in their homes and employing a foreclosure attorney could be the much needed help for troubled homeowners.
