Shuster Votes to Cut Spending by $175 million, Terminate $8 Billion in TARP FundsThursday March 10, 2011
Shuster Votes to Cut Spending by $175 million, Terminate $8 Billion in TARP Funds
Washington, DC – Congressman Bill Shuster voted today to cut spending by $175 billion and terminate $8 billion in the TARP program by eliminating a little-used FHA refinancing program for homeowners who are underwater on their mortgages.
Since the mortgage refinancing program was implemented in September of last year, only 44 applicants nation-wide have had their mortgages refinanced and only $50 million has been spent out of $8.1 billion obligated for the program.
“I seriously doubt this kind of result can be considered a successful use of taxpayer money,” Shuster said. “It’s time to stop spending money we don’t have on programs that sit idle and outlive their usefulness.”
“The best way to help American homeowners keep their heads above water is to create jobs and get our economy on a stable footing,” Shuster said. “Solid job growth and rising wages will do more to help homeowners than any government program.”