Press Releases

Today, U.S. Representative Rick Larsen (WA-02) released the following statement after voting to end the FHA Refinance Program to reduce the deficit and focus attention on foreclosure assistance programs that are more successful. This program was authorized to use $8 billion from the Troubled Asset Relief Program (TARP) but has only 245 loan applications and only endorsed 44 loans. The nonpartisan Congressional Budget Office estimates that the program will cost $175 million and not use the full authority.

“While I support helping hardworking families who are facing foreclosure keep their homes, it is clear that this particular program was underutilized and not working,” said Rep. Larsen. “With only 44 loans closed as of last month, this program is not helping enough homeowners afford their mortgages. If we are going to be serious about tackling our nation’s debt and deficit problem, we need to cut spending from programs that are not working grow our economy, help middle class families or create jobs.”

Constituents facing foreclosure should contact Rep. Larsen’s office for assistance.

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