Westmoreland Votes to Terminate Expensive, Ineffective Federal Housing Program

Washington, DC – March 11, 2011 – (RealEstateRama) — Today, Congressman Westmoreland joined a bipartisan group of his colleagues in the House to terminate the Federal Housing Authority Refinance Program Termination Act. In March 2010, without an act of Congress, the Obama administration announced the creation of the FHA Refinance Program to refinance underwater loans into the FHA using $8 billion in TARP funds. As of February 3, 2011 – almost one year into the program – only $50 million had been disbursed and only 44 loans have been refinanced.