Here is speech on the floor from Rep Huizenga to end wasteful programs and below you can read his account of the House's bi partisan vote on two bills to save tax payers $9 billion. Bi-partisan vote for the first bill was 256-171 with 18 Democrats votes with 238 Republicans and the second bill passed 242-177 with 8 Democrats voting with 234 Republicans.
Huizenga, House Vote to Save Taxpayers $9 Billion
This week, the House voted on two bills from the Financial Services Committee that together will save taxpayers $9 billion by ending two ineffective government programs.
The first bill, H.R. 830, The FHA Refinance Program Termination Act, eliminates the FHA Refinance Program paid for with $8 billion in taxpayer-funded TARP money. Only $50 million of this $8 billion had been disbursed as of February 3. And what’s worse - the Administration originally estimated this program would help between 500,000 and 1.5 million homeowners. However, only 44 loans have been refinanced as of mid-February and only 245 applications have been submitted, according to FHA Commissioner David Stevens. That bill passed the House yesterday.
The House passed a second bill today, H.R. 836, the Emergency Homeowner Relief Program Termination Act, saving taxpayers $1 Billion by ending HUD’s Emergency Homeowners Relief Program, which increases the debt of borrowers who are already struggling with their mortgages and other obligations. The Administration estimates the program to have a 98 percent subsidy rate - meaning for every $1 spent on this Federal program, taxpayers lose 98 cents.
Huizenga, a member of the Financial Services Committee and former licensed REALTOR in Michigan, said, “These are two stunningly clear examples of ineffective government programs. We must admit that they are not working and eliminate them, saving taxpayers billions and helping to cut down our deficit – leading to an environment where job-creators can hire more workers. As a small business owner, I know that more government debt means unpredictability and potentially more taxes, which freezes job growth because companies aren’t sure what their tax burden will be and so they hold back that money that could be spent on purchasing new equipment and hiring new workers. And right now, it’s the lack of jobs that is the driving force behind foreclosures and mortgages defaults.”
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