The continuous increase in the number of foreclosed properties and federal tax lien foreclosure sale will not be solved by the federal government's relief efforts, according to a number of lawmakers. They insisted that creating more jobs and promoting stability in the labor market is key to improving the nation's housing industry.
Representative Darrell Issa argued that the problem of oversupply of foreclosures homes for sale in San Diego require economic development efforts and more job openings if it is to be solved at all. To give weight to his point that relief efforts by the federal government are not helping, Issa has joined other congressmen in their campaign to repeal the administration's loan modification program.
The lawmakers who have opposed the federal government's modification initiative have asserted that the program is a waste of time and has proven to be ineffective in helping lower the number of house foreclosures for sale in California and in the rest of the U.S. They argued that the program has only helped around 520,000 homeowners when it initially projected assistance for as high as four million borrowers.
The initiative, lawmakers have claimed, has hardly made a dent on the huge amount of bank foreclosures, government distressed properties and federal tax lien foreclosure sale in the country even after almost two years of being in existence. They also stated that the number of trial modifications canceled is even higher than the number of borrowers assisted by the program, with cancelations of trials numbering almost 800,000.
Meanwhile, the Treasury Department has defended the initiative, stating that the campaign to repeal the effort will end the hope of homeowners facing foreclosures who are also seeking entry into the program. However, critics of the modification effort claimed that the number of borrowers assisted does not justify the amount of taxpayers' money being used to finance the initiative.
To solve problems in the housing industry, particularly with regards to the high number of bank foreclosed properties and federal tax lien foreclosure sale, legislators stated that the federal government should instead focus on stabilizing the labor market and creating more jobs for the American people.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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