Congressman Bob Dold R IL-10 wrote a short article for Illinois Review to announce that a bill he sponsored, H.R. 830, passed the house.
This bill eliminates the HA Refinance Program that President Obama announced a year ago. This $8 billion funding bill had the typical progressive “good intentions” but failed miserably. The program to date has spent $50 million and has helped a grand total of 44 people. That’s $1,136,364 per person!
Unfortunately, that’s typical of government-run “good intention” programs.
We need to see far more of this type of language in legislation to continue to defund failed government programs.
Effective on the date of the enactment of this Act, there are rescinded and permanently canceled all unexpended balances remaining available as of such date of enactment of the amounts made available under title I of the Emergency Economic Stabilization Act (Public Law 110-343; 12 U.S.C. 5211 et seq.) that have been allocated for use under the FHA Refinance Program (pursuant to Mortgagee Letter 2010-23 of the Secretary of Housing and Urban Development) of the Making Home Affordable initiative of the Secretary of the Treasury. All such unexpended balances so rescinded and permanently canceled shall be retained in the general fund of the Treasury for reducing the debt of the Federal Government.
One down, thousands to go.
HT Wayne and the Hot Finance Lady on WMBD radio.