Government Foreclosure Programs might be calling it a day

Government Foreclosure Programs might be calling it a day

As the government reviews options on the best ways to continue to help struggling homeowners there is rumor of the Home Affordable and other federal housing assistance programs that may be going "bye, bye". As Republicans argue that the federal housing program especially the Home Affordable program should be considered to come to an end because of the failure of the program. As many of us have read in the past few months how the projections of the millions of homeowners this program was suppose to help and in reality it has only helped not even half of what it was projected. As the chairman of the House Financial Services Committee, Representative Spencer Bachus Republican of Alabama has stated "failed and ineffective housing foreclosure programs" marks the possibility of four foreclosure programs that may end. The Home Affordable or HAMP program, HUD's Neighborhood Stabilization Program and the FHA's short refinance program, and the Emergency Homeowner Relief Fund passed under the Dodd Frank Act. A hearing is scheduled for March 2 by the Insurance, Housing and Community Opportunity subcommittee. This review will take a look at the above mentioned programs and a scheduled follow up meeting for March 3rd.

Spencer Bachus also has stated that these programs, although had good intentions has just made things worse for the homeowner. Also Republican Judy Biggert of Illinois agrees that it is time to break down the barriers to our housing recovery and she feels spending more time and money on programs that obviously are not working should just come to an end.

Rep. Barney Frank (D-Massachusetts), ranking member and former chairman of the House Financial Services Committee, said he was "very disappointed" by the move that would "eliminate programs which help the victims of the financial crisis."

Some Democrats argue that these programs are working although the projections may have been over estimated, but as he stated the Emergency Homeowner Relief Fund in particular has been modeled after a successful model that has proven to work in Pennsylvania. Unemployment is still a serious issue and as more Americans feel the pinch at the gas pumps, food costs and over all basic necessities, dissolving these programs is not the answer.

I ask both parties what is the answer to fixing the housing market? Is ending the federal programs really the answer? The question really lies in the lender's hands and is it really realistic to keep people in homes they cannot really afford anyway? Are we just delaying the inevitable?

The key to the market's recovery does not lie in the government's programs, but in the economy as a whole. Will jobs return, will growth continue? Will lenders start lending to new home owners to buy some of the distressed homes? Politicians always seem to want to point the figure at the other party or blame others for the economies troubles. Our country's deficit is in the trillions and yet we continue to spend money, give foreign aid, and waste money on programs that do not work. This touches upon our country as a whole in the sense of how we manage our money, from the government to the middle class American. This is a bigger issue than the Republicans and Democrats, bigger than even The White House.

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