 | To rescind the unobligated funding for the Emergency Mortgage Relief Program and to terminate the program. Bill Text Versions 112th Congress (2011-2012) H.R.836 FULL TEXT in PDF Format.
This week, the House passed a bill I introduced ending a $1 billion wasteful government housing program that would actually increase the debt of the very homeowners it claims to be helping.
America is drowning in a sea of red ink. If we want to help job creators create jobs today we’ve got to start taking away the uncertainty brought about by our nation’s spending-driven debt crisis.
If we want to save our children from bankruptcy tomorrow, we’ve got to stop spending money that we do not have. |
Not only is the Emergency Homeowner Relief Program ill-advised, it is also far too expensive. According to President Obama’s budget proposal this program which provides loans to unemployed homeowners who cannot pay their mortgages, would have a 98 percent subsidy rate. That means that for every $1 of taxpayer money spent on this program, the taxpayers will loose 98 cents. The best foreclosure mitigation program in America is a job. It’s not a government check, it’s a paycheck. Spending a billion dollars on yet another questionable housing program at a time when our country is in unprecedented debt does not make any sense.
If we can’t terminate this program in order to save our children from bankruptcy, in order to help create jobs; one program at one billion dollars where not one penny has left the door, how are we going to make the tough decisions that are necessary to save the country from bankruptcy? I am committed to putting America back on the road to economic growth and job creation by putting an end to Washington’s job-destroying spending spree. Today’s vote to save $1 billion is another important step in this direction. By cutting spending today, we took a small step toward restoring promise to our economy and saving the American dream for our children tomorrow.
FULL TEXT: H.R. 836 Emergency Mortgage Relief Program Termination Act
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the `Emergency Mortgage Relief Program Termination Act'.
SEC. 2. RESCISSION OF FUNDING FOR EMERGENCY MORTGAGE RELIEF PROGRAM.
Effective on the date of the enactment of this Act, there are rescinded and permanently canceled all unobligated balances remaining available as of such date of enactment of the amounts made available by section 1496(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111-203; 124 Stat. 2207; 12 U.S.C. 2706 note). All such unobligated balances so rescinded and permanently canceled shall be retained in the general fund of the Treasury for reducing the debt of the Federal Government.
SEC. 3. TERMINATION OF EMERGENCY MORTGAGE RELIEF PROGRAM.
(a) Repeal- Title I of the Emergency Housing Act of 1975 (12 U.S.C. 2701 et seq.), as amended by section 1496(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, is hereby repealed.
(b) Treatment of Remaining Funds- Notwithstanding the repeal under subsection (a) of this section, any amounts made available under the provision specified in section 2 of this Act and obligated before the date of the enactment of this Act shall continue to be governed by the provisions of law specified in subsection (a) of this section, as in effect immediately before such repeal.
(c) Termination- Upon the completion of outlays to liquidate all amounts referred to in subsection (b) of this section and the completion of all activities with respect to such amounts under the provisions of law specified in subsection (a) of this section, the Secretary of Housing and Urban Development shall terminate the Emergency Mortgage Relief Program authorized under the provisions specified in subsection (a).
(d) Study of Use of Program by Members of the Armed Forces, Veterans, Gold Star Recipients, and Members and Veterans With Service-connected Disabilities and Their Families-
(1) STUDY- The Secretary of Housing and Urban Development shall conduct a study to determine the extent of usage of the Emergency Mortgage Relief Program authorized under the provisions specified in subsection (a) by, and the impact of such program on, covered homeowners.
(2) REPORT- Not later than the expiration of the 90-day period beginning on the date of the enactment of this Act, the Secretary shall submit to the Congress a report setting forth the results of the study under paragraph (1) and identifying best practices, with respect to covered homeowners, that could be applied to the Emergency Mortgage Relief Program.
(3) COVERED HOMEOWNER- For purposes of this subsection, the term `covered homeowner' means a homeowner who is--
(A) a member of the Armed Forces of the United States on active duty or the spouse or parent of such a member;
(B) a veteran, as such term is defined in section 101 of title 38, United States Code;
(C) eligible to receive a Gold Star lapel pin under section 1126 of title 10, United States Code, as a widow, parent, or next of kin of a member of the Armed Forces person who died in a manner described in subsection (a) of such section; or
(D) such members and veterans of the Armed Forces who have service-connected injuries, and survivors and dependents of such members and veterans of the Armed Forces with such injuries.
Passed the House of Representatives March 11, 2011.
Attest: Clerk. 112th CONGRESS 1st Session H. R. 836 AN ACT
To rescind the unobligated funding for the Emergency Mortgage Relief Program and to terminate the program.
Bill Text Versions 112th Congress (2011-2012) H.R.836 FULL TEXT in PDF Format
TEXT and IMAGE CREDIT:
Jeb Hensarling Washington, DC. Office 129 Cannon HOB Washington, DC 20515 Phone: 202-225-3484 Fax: 202-226-4888
