A press release from the House Financial Services Committee says hearings will be held March 2 to terminate four housing foreclosure programs that Committee Chairman Spencer Bachus (R-AL) said were not effective. The Neighborhood Stabilization Program, the FHA Refinance Program, the Emergency Homeowner Relief Program, and the Obama Administration’s Home Affordable Modification Program (HAMP) are all destined to be axed. The HAMP program made matters worse for some at-risk homeowners with modified mortgages. This will end the treasury secretary’s ability to provide any new assistance under the programs, and rescind any unobligated funds.
