The House Financial Services Committee will hold a meeting March 3 to discuss the future of the federal Home Affordable Modification Program and three other foreclosure-prevention efforts.

Republicans want to eliminate funding for the initiatives, and some Democrats agree that the programs have done more harm than good. Obama administration officials are lobbying to preserve as much of the $50 billion in aid as they can, even as they concede that the programs have fallen short of expectations.

Source: “Treasury, HUD Lobby to Save Foreclosure Prevention Programs,” BusinessWeek, Lorraine Woellert and Rebecca Christie (03/03/11)