House Republicans’ proposals to ax a pair of federal housing assistance programs established in response to the 2008 foreclosure crisis drew veto threats Tuesday.
The Obama administration strongly opposes a measure that would terminate the Department of Housing and Urban Development’s Emergency Homeowners Loan Program, which was established as part of the Troubled Asset Relief Program, and a measure that would end a new Federal Housing Administration refinancing program aimed at preventing foreclosures. The stance was announced Tuesday in two statements of administration policy.
Both GOP bills are slated to be on the House floor as soon as this week.
The administration contends that the programs are needed to help stabilize the housing market and that roughly 30,000 homeowners will receive loan assistance through the HUD program over the next 30 months.
Vice President Joe Biden waits to conduct a mock swearing-in ceremony with Sen. Brian Schatz, D-Hawaii, in the Capitol's Old Senate Chamber, December 2, 2014. Schatz was sworn in to serve the remainder of his term since he was appointed to the seat after Sen. Daniel Inouye, D-Hawaii, passed away.