Frank, the chairman of the House Banking Committee, said the $300 billion Hope for Homeowners program has not shown significant results because the Bush administration's role in drafting and implementing the legislation, The Hill reported Monday.
"Recent reports by the news media have cited low participation in the Hope for Homeowners program. While this is certainly an issue, and one that Chairman Frank is committed to fixing, some Bush administration officials have blamed Congress for the problems in participation. That charge is incorrect; and the facts tell a different story," said Frank spokesman Steve Adamske.
The Hope for Homeowners program, run under the aegis of the Housing and Urban Development agency, has attracted just a few hundred applications.
For its part, the White House said it responded appropriately to the housing crisis.
"I think we are satisfied with the aggressiveness of our response, that when we saw the problems in the housing market we quickly tried to develop programs to deal with it," said White House spokesman Tony Fratto. "You're always going to have people looking back and second-guessing decisions that the administration makes or doesn't make."
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