House Votes to End Unemployed Homeowner Program
House Votes to End Unemployed Homeowner Program
House Votes to End Unemployed Homeowner Program
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March 14, 2011 (Shirley Allen)
mortgage-moneyouttahat-image
The U.S. House voted 242-177 to cancel the Emergency Homeowner Loan Program (EHLP) for homeowners who have lost their jobs as Republicans move to eliminate funding for President Barack Obama’s anti-foreclosure efforts. The $1 billion emergency loan program to help borrowers keep their houses was funded by a Democrat-led Congress before Republicans took control of the House. Because it is still in the design phase, no money has been spent on it yet.

EHLP, created under the Dodd-Frank Act, would begin taking applications in the spring of 2011. The Department of Housing and Urban Development (HUD) set aside $1 billion to provide up to $50,000 in interest-free loans covering mortgage payments for up to 24 months. Roughly 30,000 homeowners are expected to take part in the program.

“This is about programs that aren’t working,” said Representative Shelley Moore Capito, a West Virginia Republican, before voting. “This is a good-sense cut.”

Rep. Spencer Bachus (R-Ala.), chairman of the Financial Services Committee, called the EHLP another bailout for the largest banks who hold the debt on these mortgages.

“This Washington spending binge is driving our country right off a cliff,” Bachus said. “When the taxpayers pay a $50,000 check, who do you think it goes to? It goes to Bank of America. It goes to JPMorgan Chase. It goes to Citigroup. This billion dollars is not going to homeowners. It’s going to the largest institutions.”

Representative Melvin Watt, a North Carolina Democrat, said the Republican measure is “mean-spirited.”

Democrats have asked Republicans to improve the programs instead of terminating them.

Rep. Barney Frank (D-Mass.) said Democrats are planning a bill that would require all of the funding to come from institutions with more than $50 billion assets and hedge funds with more than $10 billion in assets.

To become law, the bills must clear the Democrat-controlled Senate and be signed by the president, which most government watchers doubt will happen.

Tags: EHLP, HUD, emergency loan program, borrowers, interest-free loans, mortgages, spending binge

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Estimate your monthly mortgage payment
Auto Loan
Calculator

Determine how much car you can afford before buying
Learn About
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15 Year vs 30 Year
Loan Comparison

Compare 15 year and 30 year mortgage loans
Todays Mortgage
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March 14, 2011 (Shirley Allen)
mortgage-moneyouttahat-image
The U.S. House voted 242-177 to cancel the Emergency Homeowner Loan Program (EHLP) for homeowners who have lost their jobs as Republicans move to eliminate funding for President Barack Obama’s anti-foreclosure efforts. The $1 billion emergency loan program to help borrowers keep their houses was funded by a Democrat-led Congress before Republicans took control of the House. Because it is still in the design phase, no money has been spent on it yet.

EHLP, created under the Dodd-Frank Act, would begin taking applications in the spring of 2011. The Department of Housing and Urban Development (HUD) set aside $1 billion to provide up to $50,000 in interest-free loans covering mortgage payments for up to 24 months. Roughly 30,000 homeowners are expected to take part in the program.

“This is about programs that aren’t working,” said Representative Shelley Moore Capito, a West Virginia Republican, before voting. “This is a good-sense cut.”

Rep. Spencer Bachus (R-Ala.), chairman of the Financial Services Committee, called the EHLP another bailout for the largest banks who hold the debt on these mortgages.

“This Washington spending binge is driving our country right off a cliff,” Bachus said. “When the taxpayers pay a $50,000 check, who do you think it goes to? It goes to Bank of America. It goes to JPMorgan Chase. It goes to Citigroup. This billion dollars is not going to homeowners. It’s going to the largest institutions.”

Representative Melvin Watt, a North Carolina Democrat, said the Republican measure is “mean-spirited.”

Democrats have asked Republicans to improve the programs instead of terminating them.

Rep. Barney Frank (D-Mass.) said Democrats are planning a bill that would require all of the funding to come from institutions with more than $50 billion assets and hedge funds with more than $10 billion in assets.

To become law, the bills must clear the Democrat-controlled Senate and be signed by the president, which most government watchers doubt will happen.

Tags: EHLP, HUD, emergency loan program, borrowers, interest-free loans, mortgages, spending binge

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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 LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
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.
Helpful Tools

March 14, 2011 (Shirley Allen)
mortgage-moneyouttahat-image
The U.S. House voted 242-177 to cancel the Emergency Homeowner Loan Program (EHLP) for homeowners who have lost their jobs as Republicans move to eliminate funding for President Barack Obama’s anti-foreclosure efforts. The $1 billion emergency loan program to help borrowers keep their houses was funded by a Democrat-led Congress before Republicans took control of the House. Because it is still in the design phase, no money has been spent on it yet.

EHLP, created under the Dodd-Frank Act, would begin taking applications in the spring of 2011. The Department of Housing and Urban Development (HUD) set aside $1 billion to provide up to $50,000 in interest-free loans covering mortgage payments for up to 24 months. Roughly 30,000 homeowners are expected to take part in the program.

“This is about programs that aren’t working,” said Representative Shelley Moore Capito, a West Virginia Republican, before voting. “This is a good-sense cut.”

Rep. Spencer Bachus (R-Ala.), chairman of the Financial Services Committee, called the EHLP another bailout for the largest banks who hold the debt on these mortgages.

“This Washington spending binge is driving our country right off a cliff,” Bachus said. “When the taxpayers pay a $50,000 check, who do you think it goes to? It goes to Bank of America. It goes to JPMorgan Chase. It goes to Citigroup. This billion dollars is not going to homeowners. It’s going to the largest institutions.”

Representative Melvin Watt, a North Carolina Democrat, said the Republican measure is “mean-spirited.”

Democrats have asked Republicans to improve the programs instead of terminating them.

Rep. Barney Frank (D-Mass.) said Democrats are planning a bill that would require all of the funding to come from institutions with more than $50 billion assets and hedge funds with more than $10 billion in assets.

To become law, the bills must clear the Democrat-controlled Senate and be signed by the president, which most government watchers doubt will happen.

Tags: EHLP, HUD, emergency loan program, borrowers, interest-free loans, mortgages, spending binge

HOW LOANRATENETWORK
LOAN CENTER 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 LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
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.