Walberg Votes to Eliminate Another Ineffective Program

Congressman Tim Walberg voted today in favor of H.R. 861, the NSP Termination Act, which would terminate an ineffective program and return up to $1 billion dollars to the taxpayer. According to the Committee on Financial Services, the Neighborhood Stabilization Program (NSP) “allows lenders and real estate speculators to off-load their foreclosure properties onto the taxpayers.” NSP has been criticized by the Government Accountability Office and the Inspector General for the Department of Housing and Urban Development for inadequately accounting of federal funds, which has led to a misuse of taxpayer resources.

In response, Congressman Walberg released the following statement:

“With a $14 trillion dollar debt and rising, there is no room in the budget for programs that waste taxpayer funds. Tough choices are required, and every program must be evaluated. This program, with little benefit, proved repeatedly to be ineffective and wasteful. It would be irresponsible to allow this program to continue, and let taxpayers’ money slip down the drain like water.”