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Washington, DC - March 30, 2011 - (RealEstateRama) -- Congresswoman Virginia Foxx (NC-5) voted today for a bill that ends a failed government mortgage modification program, saving taxpayers up to $29 billion. The program, known as Home Affordable Modification Program (HAMP), came into existence in 2009 and is widely criticized by government watchdogs like the Government Accountability Office (GAO). The bill, HR 839, passed the House 252-170

February 17, 2011 - (RealEstateRama) -- Today, Congresswoman Shelley Moore Capito, R-W.Va., delivered opening remarks at the Insurance, Housing, and Community Development Subcommittee hearing on Government Barriers to Housing Recovery. Capito has continuously highlighted the need to bring private sector capital back into the mortgage market while minimizing government support in housing finance. The portfolios of Federal Housing Administration (FHA) and Government Sponsored Enterprises Fannie Mae and Freddie Mac have grown to hold more than 90 percent of all mortgages in the United States, placing the American taxpayer at risk. Since their bailout, the two mortgage houses have already cost taxpayers $150 billion and counting.