Barack Obama President would veto a bill supported by Republican firm to kill his program mortgage foreclosure prevention if Congress approves it, the government said Tuesday.
The Republican-controlled U.S. House of Representatives Financial Services Committee approved a measure that the shutter of the Affordable Home Modification Program (Hamp), the goal is to help borrowers struggling to earn lower mortgage payments.
The Obama administration "strongly opposes" action to eliminate Hamp House, and if the legislation was presented to the President for signature into law, "his senior advisers would recommend that he veto the bill," said a statement.
The program is designed to prevent foreclosures to give incentives to providers to permanent reduction of monthly mortgage payments to help homeowners stay in their home.
Its aim was to reach 4 million U.S. households when it was released in 2009. Until now only 500.00 borrowers have had their loan payments fell under the program, but the White House said it was helping the battered housing market.
"As tens of thousands of Americans responsible homeowners struggling with their mortgages receive ongoing assistance each month from Hamp, Management believes that the continuation of Hamp's important to sustaining economic recovery of the nation, said .
