House Votes to Kill Mortgage Aid Plan

Great timing: On the same day as new figures showed the American real-estate market hitting new lows, the Republican-led House voted to kill a federal program that helps people pay their mortgage. Passed near the beginning of Obama’s presidency, the Home Affordable Modification Program was aimed at helping millions of underwater homeowners meet their payments—but it’s been criticized as ineffective by its independent watchdogs and held up an example of wasteful spending by the GOP. The vote was largely symbolic: Its fate in the Senate isn’t certain, but Obama has vowed to veto it. Many Democrats joined in the vote, which passed 252-170.