HUD created the Distressed Asset Stabilization Program or dasp in 2010 as a way to protect the interests of taxpayers. The Department recently proposed changes to the program that critics say would move the program away from its open and competitive bidding process and reduce private sector investor participation, negatively impacting both the fundamental purpose of the program and taxpayers alike.
The House Financial Services Committee held a hearing on Wednesday to determine the effect of those changes to dasp on taxpayers and whether or not those changes were politically motivated. Some critics have accused HUD Secretary Julián Castro of making the changes to appease advocacy and civil rights groups, some of which claimed Castro should disqualify himself from the list of candidates for Vice President because of what they perceived as shortcomings to dasp.
It is uncertain who will become the Republican vice presidential nominee and running mate for Donald Trump, but he has narrowed it down to three candidates. Trump has not said much about housing, but he has stated he doesn’t want to fund government programs; he has specifically named HUD as a department he wants to eliminate. If Trump is elected president come November, where do the top three potential VP prospects: Chris Christie, Newt Gingrich, and Mike Pearce hold their opinions? Knowing the different stances of those in not just the Republican party but in the Democratic party as well could be important to the growth and development of the housing market in the future.