White House Veto Threat on 2 New GOP Housing Bills
Washington (AP) - The White House is threatening to veto two more House Republican bills that would abolish a pair of programs aimed at helping struggling homeowners and their communities.
The Home Affordable Modification Program is the Obama administration's vanguard effort to help people facing foreclosure to refinance into more affordable mortgages. The $30 billion program has been criticized for helping only about 600,000 families, compared with an initial goal of 3 million to 4 million families.
The other program gives money to state and local governments to buy and refurbish abandoned and foreclosed properties.
The GOP-run House plans to pass both bills this week in its effort to cut federal spending at a time of massive budget deficits. The House passed bills killing two other housing programs last week, despite veto threats.