Waters, Democrats Voice Concern Over Housing Program Implementation

This story appeared in Bank Digest.

Rep. Maxine Waters, D-Calif., joined by 52 House Democrats, has sent a letter to Treasury Secretary Timothy Geithner and Federal Housing Finance Agency Acting Director Edward DeMarco regarding implementation of the Hardest Hit Fund (HHF) and the latest version of the Home Affordable Refinance Program (HARP 2.0). The letter was sent in response to a recent report by the Special Inspector General for the Troubled Asset Relief Program that found HHF, which received $7.6 billion in funding, has spent only 3 percent of its funding. The letter also expresses concerns about HARP 2.0, stating that the program appears to be failing to serve the distressed borrowers it was designed to assist. In the letter, Waters and the Democrats seek improvements to both housing programs.