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The Associated Press March 10, 2011, 4:09PM ET

House GOP moves toward killing foreclosure program

Republicans are ignoring a White House veto threat and pushing a bill through the House eliminating a program aimed at helping people refinance homes that are worth less than they paid for them.

GOP lawmakers say the Federal Housing Administration Refinance Program is a good example of an initiative the government can't afford at a time of gargantuan federal deficits. With nearly 1 in 4 households with home mortgages underwater -- worth less than they were purchased for -- Democrats say the program could help people stay in their homes.

The White House threatened a veto against the bill on Tuesday, saying the program was cost-efficient and would help stabilize the housing market. The bill's fate is also dim in the Democratic-run Senate.

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