This vote was on an amendment by Michele Bachmann, R-Minn., that would have eliminated certain proposed changes to and additional funding for the program known as Hope for Homeowners.  Hope for Homeowners was enacted in July 2008 and provides Federal Housing Administration guarantees and refinancing help for qualifying families who are at risk of losing their home due to rising mortgage rates. The amendment was offered to a bill that would create new conditions on the use of $350 billion enacted to enable the government to purchase certain “toxic” mortgage assets weighing down the balance books of banks and companies.

Specifically, Bachmann’s amendment would have erased portions of the underlying bill that change some of the premiums, income level requirements and government profit-sharing amounts in the Hope for Homeowners Program.  All of these changes are intended to make it easier for homeowners to qualify for the program.

Bachmann said the program has not worked as promised and should be eliminated, not made easier to qualify for.

“With a little over 300 applications in the pipeline, it’s clear that this program has been an enormous waste of time, of energy, of money and of other taxpayer resources.”  She added that the program was advertised as being able to help 400,000 families, but that as of her amendment it had only helped 13 families refinance their mortgages.   “So what will the majority do? How far will they go to prove that their failing program is a success and not a boondoggle?”
Barney Frank, D-Mass., agreed that many think the program hasn’t worked, but that is largely because it has been too difficult for people to qualify for it, not because it is inherently flawed or a poor idea.

“Members have pointed out that the Hope for Homeowners Program has not worked, and we are disappointed.  It hasn’t worked because, I think, we have tightened it up excessively. What we are trying to do here is relax it,” Frank said. 
By a vote of 142-282, the amendment was rejected.  Every Democrat present voted against the amendment.  Of Republicans present, 142 voted for the amendment and 31 voted against it.  The end result is that the amendment failed and the measure went forward with language easing eligibility requirements for the Hope for Homeowners program intact.