White House says it will veto housing bills

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The White House is threatening to veto two House Republican bills that would cancel two Obama administration housing programs, including the Home Affordable Modification Program — a $30 billion effort to help homeowners facing foreclosure refinance for more affordable loans.

March 18, 2011

The White House is threatening to veto two House Republican bills that would cancel two Obama administration housing programs, Bloomberg Businessweek reported.

The first program, the Home Affordable Modification Program, is a $30 billion effort to help homeowners facing foreclosure to refinance for more affordable loans. The other program provides money to local governments so they can buy and refurbish foreclosed homes.

The House planned to pass the two bills this week. It passed two other bills to cancel Obama administration housing programs last week.

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