Republicans say foreclosure aid ‘has failed’
The Obama administration’s chief foreclosure-prevention program “has failed” and may hurt more homeowners than it helps, according to a report by two Republican members of the House Committee on Oversight and Government Reform. The report will be presented at a subcommittee hearing Thursday.
The Making Home Affordable program lowers borrowers’ payments to 31 percent of their income, but it has struggled to move many borrowers from temporary loan modifications to permanent ones. Many homeowners in the program are expected to default again.
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