Francisco Canseco: “The purpose of it is to bring back those funds that are allocated to this failed program and bring them back into the…”

“The purpose of it is to bring back those funds that are allocated to this failed program and bring them back into the Treasury so that the Treasury can use those funds in order to reduce the debt that we have. It is but a small return into the Treasury, but it goes a long way into fiscal responsibility so we can continue on that path and reduce that budget. Now, with regards to the program itself that this amendment addresses, we have to realize that this program spends an enormous amount of taxpayers' money that came out of Dodd-Frank, a $1 billion HUD emergency homeowner relief program which provides loans or credit advances to unemployed borrowers. This program would spend 98 cents for every dollar that does not come back. Those are very important, to realize that these funds are taxpayer funds that would otherwise go as a grant to the borrower, not any repayment program, but grants to the borrower, that does not get repaid.”