White House threatens to veto bill aimed at ending Making Home Affordable

It’s no secret that the $75 billion government-sponsored loan modification program, Making Home Affordable, has fallen short of expectations since its introduction two years ago.

As of the end of Jan. 2011, there had been about 550,000 permanent modifications made nationwide, according to the January Housing Scorecard. Thats good news for some, but bad news for many when compared to the programs original goal of preventing 3 million to 4 million foreclosures.

The Treasury Department recently admitted that the foreclosure prevention program will probably never attain the original goal that it set back in 2009.

Based on this lackluster performance, there is a movement among Republicans in the nations capital to put an end to Making Home Affordable, which they say would save about $1.4 billion and result in 100,000 fewer loan modifications subsidized by taxpayers, according to NASDAQ.com.

In fact, there is a bill currently on the table that would do just that and it is expected to be voted on later this week.

But White House officials are basically saying dont waste your time because President Obama would never let that happen. Why?

Because Making Home Affordable is still benefiting tens of thousands of borrowers every month and it is important to the nations sustained economic recovery.

Stay tuned to see how this stalemate unfolds.

For ore information and details on the various foreclosure prevention programs offered under Making Home Affordable click here.

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