H.R. 836 Emergency Mortgage Relief Program Termination Act FULL TEXT

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Effective on the date of the enactment of this Act, there are rescinded and permanently canceled all unobligated balances remaining available as of such date of enactment of the amounts made available by section 1496(a) of the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

Chris Christie The Ides of March are coming… and I’m waiting VIDEO

“The Choice” that Governor Christie has laid out for the New Jersey legislature. Overview of this year's budget. Governor Christie's FY 2012 Budget Overview [pdf 1.02MB]

Achieves New Normal in Budgeting By Maintaining Fiscal Discipline and Funding Key Priorities for New Jerseyans

Trenton, NJ – Advancing his vision for a New Normal in state budgeting, Governor Chris Christie presented a $29.4 billion budget for Fiscal Year 2012 that cuts real spending for a second consecutive year.

The Governor’s Budget proposal includes $200 million in focused tax cuts, provides additional property tax relief, increases school aid and funds a reformed state pension system, while preserving or increasing funding to protect our state’s most vulnerable citizens. The Fiscal Year 2012 Budget marks a departure from the Trenton tradition of budgeting to meet deficit projections that embrace wish-list spending by legislators and assume continuous funding increases that irresponsibly ignore actual revenue sources and the fiscal health of the state.

The Governor’s Budget – which reduces real spending by 2.6 percent from the current fiscal year – hits the reset button on the state budgeting process and starts with the refreshing assumption that budgeting and spending must be reality-based and zero-based. The New Normal means developing a bottom-up approach – establishing priorities and funding them based on revenue that is actually available and predictable versus the old approach of assuming every line item and program will automatically be funded at the same or higher level than prior years.

“The old way of budgeting and thinking must be stricken from our collective minds if we are to successfully emerge from this fiscal crisis with permanently reformed budgeting and spending habits,” Governor Chris Christie said. “This is a new paradigm for state government – a New Normal – that cuts and spends responsibly, incentivizes our local governments to do better with what our taxpayers entrust to them, and causes businesses to feel welcome and want to stay and expand or relocate to our state.”

The Governor’s Budget proposal adheres to necessary spending and budgeting discipline, but also meets New Jersey’s most vital spending priorities. Among those priorities in the budget:

* Increases education aid to every school district in New Jersey by a total of $250 million;

* Fulfills the statutory commitment to make a $506 million payment to a reformed state pension fund, representing the first funding to the defined benefit plans since fiscal year 2009;

* Provides $200 million in job-creating, strategic tax cuts that are responsible and sustainable;

* Doubles funding for the Homestead Rebate to provide direct property tax relief in the form of a property tax credit under the newly named Homestead Benefit program;

* Protects municipal aid and keeps funding at fiscal year 2011 levels to help towns meet the new 2 percent property tax cap (while decreasing by 10 percent the category of Special Transitional Aid to cities, in keeping with the Governor’s pledge to end cities’ reliance on the aid as they adopt best-practices budgeting to improve fiscal and management reforms); and
* Increases and secures New Jersey hospital funding by a total of $20 million, and increases funding for student financial aid by the same amount.

The Governor’s Budget takes all possible steps to maintain the safety net for New Jersey’s most vulnerable and at-need individuals and families. From prescription drug aid for seniors to helping low-income tenants stay in their homes, the Governor’s Budget includes billions of dollars and:

Preserves critical spending and fully funds the fiscal year 2011 increases to the Pharmaceutical Assistance to the Aged and Disabled (PAAD) and Senior Gold Prescription Assistance Programs without increases in co-pays or eligibility – keeping it one of the most generous such benefit programs in the nation;

Allocates $20.4 million to help the developmentally disabled lead richer, happier lives through new community placement and services, and funds day programs and other services; similarly, the budget continues and expands funding for the requirement that the state expand the number of residential and community settings for New Jersey’s mentally ill;

Preserves the current level of support for higher education, after years of cuts, while increasing student aid programs by $20 million and providing $15 million for capital improvements at community colleges;

Provides resources to keep 4,300 low-income citizens in their homes and apartments, including $25 million from the New Jersey Affordable Housing Agency Trust Fund and $9 million from the Housing and Mortgage Finance Agency; and

Avoids an increase in NJ Transit fares and expands bus service to select growth markets.

The damage caused by years of fiscal mismanagement, coupled with the lingering effects of the national recession, will continue to restrain state spending for years to come. The reality is that the New Normal of the current economic and fiscal climate necessitates more painful choices in how the state allocates finite taxpayer dollars. Facing up to those realities, the proposed budget continues on the path of making difficult, often painful choices in nearly every department. Funding in even worthwhile, popular programs is reduced or eliminated in order to fund priorities.

Governor Christie will continue to insist that the shared sacrifice be spread among state employees as well, including in payment of a fair share of medical costs. By increasing co-payments and premiums to levels still below what federal employees pay, the state will save $323 million that will be used to pay for other critically important programs – and prevent increases in some of the highest sales, income and property taxes in the nation.

Finally, to pave the way for the best possible outcome for our state and its people as we deal with the New Normal and emerge from recession, the Governor intends to better position our businesses and attract new ones with tax cuts, reform and incentives to spur job growth and business expansion. To that end, he proposes a comprehensive but phased-in program of $2.5 billion in job-creation incentives over the next five years. As part of the program, Governor Christie is proposing for Fiscal 2012 tax cuts and reforms resulting in approximately $200 million in savings for businesses.

The package outlined by the Governor increases the state’s competitiveness in a responsible and sustainable manner by providing critical tax reform and incentives across a variety of tax-policy areas, including: loss carry-forward relief for small businesses, a reduction of the S-corporation minimum tax, increasing the credit allowed for research and development investments, exemptions for business software technology reinvestment, increasing funding for economic development programs, and the phasing-out of the Technology Energy Facility Assessment to provide needed relief from New Jersey’s already-high energy costs.

Governor Christie has committed to only putting in place tax cuts and incentives that are paid for within the context of a Constitutionally-balanced state budget. By providing for a phase-in of the program, the fiscal impact rises with the expected expansion of the state’s economy while minimizing the impact on the state budget each year.

The budget proposal, a representation of the Governor’s commitment to maintain fiscal discipline, also outlines a bold reform agenda to take on the big issues facing New Jersey, including the Governor’s comprehensive reform plans to restore fiscal sanity to out-of-control pension and health benefits systems, make 2011 the Year of Education Reform to bring the opportunity of a high-quality education to every child, and the pro-growth, responsible package of tax reforms and incentives to create Jersey Jobs and increase New Jersey’s competitiveness, as outlined above.

Attached to this release is a document providing an overview of this year's budget. an overview of this year's budget. Governor Christie's FY 2012 Budget Overview [pdf 1.02MB]

VIDEO CREDIT: GovChristie

TEXT CREDIT: Office of the Governor