Pursuits
Treasury’s New Homeowner Aid Prompting Republican Ire
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Treasury Secretary Jacob Lew’s decision to give more help to homeowners who have already gotten mortgage assistance has sparked opposition from Republicans aiming to end President Barack Obama’s foreclosure prevention program.
The Treasury Department announced on Dec. 4 that homeowners in their sixth year of payments on a modified mortgage will get a $5,000 principal reduction to help them build equity and handle possible financial trouble. The assistance, which could total $5 billion, is part of the Home Affordable Modification Program, or HAMP, which began in 2009 to stem the flood of foreclosures after the housing crash.