The House of Financial Services Committee has scheduled a vote next week on legislation that would shut down the Obama administration's key housing rescue programs.
The panel's Republican leadership said it will consider a bill to terminate the Home Affordable Modification Program, which it said has failed to help a sufficient number of distressed homeowners to justify its cost.
It also will vote on bills to shut down a Federal Housing Administration refinancing program and a program to stabilize neighborhoods suffering from heavy foreclosures.
"In an era of record-breaking deficits, it's time to pull the plug on these programs that are actually doing more harm than good for struggling homeowners," Financial Services Committee Chairman Spencer Bachus said in a statement.
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