Congressman Patrick McHenry (R-N.C.) declared Monday that the White House’s “We Can’t Wait” initiative has come along too late to help struggling homeowners.
As part of this new effort, the Obama administration announced a series of fresh housing refinancing opportunities to help those homeowners who are financially incapable of refinancing their mortgages. Mchenry, Chairman of the House Oversight Subcommittee on TARP, Financial Services and Bailouts of Public and Private Programs, however, has stated that this new policy will do little to help homeowners.
“Today’s announcement by the President is just another step in the floundering strategy of an administration that has been grossly incapable of providing meaningful solutions to help struggling homeowners,” McHenry wrote in a press release. “When it comes to this administration’s housing policies, the time to act has long since passed. More than 6 million Americans are behind on their mortgage payments or facing foreclosure and the policies of this President have done more harm than good.”
The new housing refinancing options, meant to supplement Obama’s Home Affordable Refinancing Program (HARP), will reduce refinancing costs and allow easier eligibility for refinancing among other changes.