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Statement of Republican Policy

H.R. 861 – Neighborhood Stabilization Program Termination Act of 2011

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Washington, March 16, 2011 | comments

March 15, 2011

 

H.R. 861 – Neighborhood Stabilization Program Termination Act of 2011

The House Republican Leadership strongly supports passage of H.R. 861, which would terminate the Neighborhood Stabilization Program (NSP) and prevent $1 billion from being spent on this program. NSP provides taxpayer dollars to state and local governments to purchase, renovate, rebuild, and resell abandoned and foreclosed property. This program has been plagued with problems since its inception and operates without the proper reporting, oversight, and accountability mechanisms that are necessary to protect taxpayers and ensure funds are being used properly. This program is a taxpayer funded bailout for the lenders, servicers and real estate speculators who made risky bets on the housing market and will now be able to offload their foreclosed properties onto the taxpayers. The NSP does nothing to help homeowners facing foreclosure and instead incentivizes lenders to foreclose on properties rather than attempt to work with homeowners. Rather than continue to spend money we do not have on programs that do not work, Congress should focus on creating the certainty job-creators need for economic activity and hiring.

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