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House Votes to End NSP, Delays HAMP Vote
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House Votes to End NSP, Delays HAMP Vote
The Easy Way to Shop For a Mortgage Loan
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Receive Multiple Offers. Save Money.
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House Votes to End NSP, Delays HAMP Vote
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March 17, 2011 (Jeff Alan)
mortgage-bulldozer-image
The House of Representatives voted Wednesday to end the Neighborhood Stabilization Program (NSP). The Neighborhood Stabilization Program (NSP) Termination Act (HR 861) cuts the last $1 billion of a federal program in which the government helps buy and develop foreclosed homes. The House also voted to postpone the vote on the Home Affordable Modification Program (HAMP) Termination Act (HR 839) until the week of March 28.

This is the third of the Obama Administrations anti-foreclosure programs to be terminated in the last week.

Rep. Gary Miller (R-Calif.) pointed out that grantees were found to be mishandling some of the funds in earlier rounds of NSP and that he would have supported a program that required the money to be paid back to the federal government.

“We did not stop a foreclosure,” Miller said. “They do not have to pay it back. (Grantees) can sell those houses to whomever they want to as long as it is less than what they paid for it.”

Rep. Barney Frank (D-Mass.) disagreed with Rep. Miller and said NSP is not a foreclosure prevention program but rather an initiative to clear out abandoned property with no known owner behind it.

“This is not only about foreclosed property. This is about foreclosed and abandoned property,” Frank said. “There is a demonstrable amount of properties in these cities that cannot be traced. Somebody has to demolish property where there is no owner. Those bulldozers cost money. The person driving the bulldozer costs money.”

The Department of Housing and Urban Development (HUD) released a statement after the bill was passed:

“The Neighborhood Stabilization Program is investing in hard-hit communities struggling to reverse the effects of the foreclosure crisis,” the statement read. “Across the country, this program is already positively impacting property prices and turning houses that would be abandoned back into homes for American families. We cannot afford to turn back the progress we’ve made in these neighborhoods. To cut off funding just as this program is taking root would be counterproductive.”

The Obama Administration has said the president will veto any bill ending any of his anti-foreclosure programs, and sources within the Senate said the legislation would not even be taken up.

Tags: NSP, HAMP, anti-foreclosure programs, HUD, abandoned property, American families, foreclosed property

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March 17, 2011 (Jeff Alan)
mortgage-bulldozer-image
The House of Representatives voted Wednesday to end the Neighborhood Stabilization Program (NSP). The Neighborhood Stabilization Program (NSP) Termination Act (HR 861) cuts the last $1 billion of a federal program in which the government helps buy and develop foreclosed homes. The House also voted to postpone the vote on the Home Affordable Modification Program (HAMP) Termination Act (HR 839) until the week of March 28.

This is the third of the Obama Administrations anti-foreclosure programs to be terminated in the last week.

Rep. Gary Miller (R-Calif.) pointed out that grantees were found to be mishandling some of the funds in earlier rounds of NSP and that he would have supported a program that required the money to be paid back to the federal government.

“We did not stop a foreclosure,” Miller said. “They do not have to pay it back. (Grantees) can sell those houses to whomever they want to as long as it is less than what they paid for it.”

Rep. Barney Frank (D-Mass.) disagreed with Rep. Miller and said NSP is not a foreclosure prevention program but rather an initiative to clear out abandoned property with no known owner behind it.

“This is not only about foreclosed property. This is about foreclosed and abandoned property,” Frank said. “There is a demonstrable amount of properties in these cities that cannot be traced. Somebody has to demolish property where there is no owner. Those bulldozers cost money. The person driving the bulldozer costs money.”

The Department of Housing and Urban Development (HUD) released a statement after the bill was passed:

“The Neighborhood Stabilization Program is investing in hard-hit communities struggling to reverse the effects of the foreclosure crisis,” the statement read. “Across the country, this program is already positively impacting property prices and turning houses that would be abandoned back into homes for American families. We cannot afford to turn back the progress we’ve made in these neighborhoods. To cut off funding just as this program is taking root would be counterproductive.”

The Obama Administration has said the president will veto any bill ending any of his anti-foreclosure programs, and sources within the Senate said the legislation would not even be taken up.

Tags: NSP, HAMP, anti-foreclosure programs, HUD, abandoned property, American families, foreclosed property

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
LOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at LoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
LOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

March 17, 2011 (Jeff Alan)
mortgage-bulldozer-image
The House of Representatives voted Wednesday to end the Neighborhood Stabilization Program (NSP). The Neighborhood Stabilization Program (NSP) Termination Act (HR 861) cuts the last $1 billion of a federal program in which the government helps buy and develop foreclosed homes. The House also voted to postpone the vote on the Home Affordable Modification Program (HAMP) Termination Act (HR 839) until the week of March 28.

This is the third of the Obama Administrations anti-foreclosure programs to be terminated in the last week.

Rep. Gary Miller (R-Calif.) pointed out that grantees were found to be mishandling some of the funds in earlier rounds of NSP and that he would have supported a program that required the money to be paid back to the federal government.

“We did not stop a foreclosure,” Miller said. “They do not have to pay it back. (Grantees) can sell those houses to whomever they want to as long as it is less than what they paid for it.”

Rep. Barney Frank (D-Mass.) disagreed with Rep. Miller and said NSP is not a foreclosure prevention program but rather an initiative to clear out abandoned property with no known owner behind it.

“This is not only about foreclosed property. This is about foreclosed and abandoned property,” Frank said. “There is a demonstrable amount of properties in these cities that cannot be traced. Somebody has to demolish property where there is no owner. Those bulldozers cost money. The person driving the bulldozer costs money.”

The Department of Housing and Urban Development (HUD) released a statement after the bill was passed:

“The Neighborhood Stabilization Program is investing in hard-hit communities struggling to reverse the effects of the foreclosure crisis,” the statement read. “Across the country, this program is already positively impacting property prices and turning houses that would be abandoned back into homes for American families. We cannot afford to turn back the progress we’ve made in these neighborhoods. To cut off funding just as this program is taking root would be counterproductive.”

The Obama Administration has said the president will veto any bill ending any of his anti-foreclosure programs, and sources within the Senate said the legislation would not even be taken up.

Tags: NSP, HAMP, anti-foreclosure programs, HUD, abandoned property, American families, foreclosed property

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
LOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.