Today House Republicans will take up arms against a sea of government housing bailouts, voting to abolish the Federal Housing Authority’s (FHA) $14B Short Refi program and the $1B Emergency Mortgage Relief Program. Next week they will take up the $29B Home Affordable Modification Program (HAMP) and the $7B Neighborhood Stabilization Program.

The argument is that none of these programs are working and that they are a waste of taxpayer dollars. The mortgage modification program, a particular thorn: “Not only is this a failing program, it’s a failing program that causes real financial pain to the very people it was set up to help,” writes Rep. Patrick McHenry (R-NC), Chairman of the Oversight Subcommittee on TARP, in a press release.

Administration officials have tried to defend the programs, admitting they haven’t performed as expected, but urging that they be given a longer life. “These programs are continuing to help people, and we don’t see that the critics are offering any alternatives,” said Tim Massad, Acting Asst. Treasury Secretary for Financial Security, on a conference call yesterday.

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The Obama Administration is vigorously defending its mortgage bailout programs, from the Home Affordable Modification Program (HAMP) to the Neighborhood Stabilization Program to the FHA Short Refi.

They’ve taken to the blogosphere, the reporter conference call and to a hearing room in the House of Representatives, where Republicans are bent on scrapping it all.

Interestingly, the Administration also released the “Monthly Scorecard” for the programs today. The HAMP in particular offered some pretty lackluster results. While totals continue to rise, the number of trial and permanent modifications made in January were fewer than the number made in December. New volume has been falling steadily.

Neil Barofsky, the Special Inspector General for the TARP, opened today’s hearing with strong criticism of the Treasury’s transparency, or lack thereof, in reporting the number of borrowers who can be helped. He called it “disturbing,” “shameful,” and “inexplicable.”

When the vote to abolish these programs was announced last week, and Administration spokesperson blasted, “If enacted, this legislation would close the door to struggling homeowners seeking relief in the face of the worst housing crisis in generations.”

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