Washington, DC – March 15, 2011 – (RealEstateRama) — U.S. Congressman Dean Heller (R-NV) voted in support of the FHA Refinance Program Termination Act (H.R. 830), which was created by the Wall Street bailout (TARP) and has refinanced only 44 loans nationwide as of mid-February
“As Nevada continues to lead the nation in foreclosures, this program is not working for our state. The American public wants Congress to get our fiscal house in order and eliminate duplicative and wasteful government programs. It is imperative that our government get our fiscal house in order so we can instill an environment for greater economic growth. Many federal programs that were created with good intentions, however, we must have the courage to eliminate the programs that do not work,” said Heller.
The FHA Refinance program is funded with $8 billion in TARP funds. According to Treasury’s TARP Progress Report, only $50 million of this $8 billion had been disbursed as of February 3. The Administration originally estimated this program would help between 500,000 and 1.5 million homeowners. However, only 44 loans have been refinanced as of mid-February and only 245 applicants have been submitted, according to FHA Commissioner David Stevens.
