The House passes a bill to kill Obama's mortgage plan. Obama's mortgage plan was intented to help homeowners stay in their homes, but according to the House was ineffective. In fact, 252 out of
422 House of Representatives voted to kill the program. The program also modified mortgages for the struggling borrowers who are behind on their payments. The House has previously passed three smaller programs designed to help families with foreclosure. So what makes Obama's mortgage plan different? The only difference is the criticism from both the Republicans and the Democrats saying that it is useless. As a result, on Tuesday,Treasury Secretary, Tim Geither writes a letter stating Obama's plan needs to change to meets its full potential. In response, Rep. Barney Frank, says that plan has problems but the smaller the amount of programs the more it hurts the homeowners.
In class, we discussed the House's powers in government. For instance, House can veto a bill the president approves with two thirds House vote as shown in the blog.
Do you agree with Barney Frank? Why or why not?
Do we need more programs to help foreclosures?
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