Today U.S. Congressman Dean Heller (R-NV) voted in support of the Emergency Homeowner Relief Program Termination Act (H.R. 836) which rescinds unexpended balances of the $1 billion appropriated in the Dodd/Frank Wall Street Reform Act. Nevada would not qualify for these funds.
"The federal government cannot continue to spend money we do not have especially on programs that are duplicative or simply do not work. This program either increases the debt of borrowers who are already struggling with their mortgages or leaves taxpayers holding the bag if the homeowner defaults. The Administration itself estimates that this program will lose 98 cents for every dollar spent. The most important thing we can do for Nevadans is to create an environment for job growth, and that starts with reigning in government spending and putting an end to costly ineffective programs," said Heller.
The Administration estimates in its FY 2012 budget proposal that taxpayer losses from this program will be 98 cents on every dollar.