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VOL. 35 | NO. 7 | Friday, February 18, 2011




House panel's bill would end foreclosure avoidance program

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WASHINGTON (AP) — A House committee plans to write legislation next week to end the Obama administration's flagship program for helping struggling homeowners avoid foreclosure.

The Republican-run House Financial Services Committee said the measure would terminate the Home Affordable Modification Program. The Treasury Department has acknowledged the program won't meet its original goal of preventing 3 million to 4 million foreclosures, and last month a federal inspector general said it has been a failure.

The bill comes at a time when Republicans are pushing for deep spending cuts. They have already pushed legislation through the House cutting this year's spending by $61 billion, despite opposition by President Barack Obama and congressional Democrats.

Financial Services Chairman Spencer Bachus, an Alabama Republican, said it's time to pull the plug on programs that aren't working.

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TNLedger.com Knoxville Editon
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0