Democrats Vow To Defend Failed Program

Measured by its own standards it's a failure. And it was a bad idea in the first place. Just the sort of program that Democrats believes should be immortal.

The committee will also vote on GOP plans to terminate programs that help state and local governments buy foreclosed properties and sell or rent them, provide loans to unemployed people who have fallen behind in their mortgage payments, and help restructure mortgages for people who owe more than their homes are worth.


Democrats signaled that they will oppose the proposals.


"As we continue to respond to the victims of the foreclosure crisis in a responsible way, we will make the case that there are better ways for the federal government to cut spending than by attacking these programs," said Rep. Barney Frank of Massachusetts, top Democrat on the committee.