March 30th, 2011 
admin WASHINGTON (MarketWatch) — The House of Representatives late Tuesday approved legislation that would axe an Obama administration program that seeks to modify mortgages for troubled borrowers. It is unlikely that the bill would be approved by the Democratic-controlled Senate. GOP officials argue that the programs aren’t working and must be eliminated as part of a plan to cut spending and reduce the deficit while Democrats insist that Republicans haven’t come up with a better alternative. A Congressional Oversight Panel recently reported that Treasury will likely only spend $4 billion of $30 billion in taxpayer funds allocated for loan modifications. The bill was approved by a vote of 252 to 170, with one person voting present.
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