President Obama Threatens to Veto Bills to Kill Foreclosure Programs notes that on the heels of a bill passed by the House Financial Services Committee to end two programs aimed at foreclosure prevention, President Obama said he would veto both measures.  As reported here last week, the Republican-dominated Congress wants to end the Short Refi program, which assists underwater homeowners with new Federal Housing Administration (FHA) loans.  HUD’s Emergency Homeowner Loan Program (ELHP) provides unemployed borrowers 0 percent interest loans for up to $50,000. The administration’s Office of Management and Budget (OMB) said ELHP will reach 30,000 troubled borrowers over the next 30 months.  Rep. Judy Biggert (R-Ill.), who co-sponsored both bills, said, “We need to stop funding programs that don’t work with money we don’t have.” The bills are set to reach the House floor this week.

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