The House Financial Services Committee has voted 32-23 to shut down the Home Affordable Modification Program (HAMP). Rep. Patrick McHenry, R-N.C., who authored H.R.839 (the HAMP Termination Act), condemned the program for never reaching its intended goals.
‘HAMP was created to stave off the foreclosure crisis and aid troubled borrowers,’ says McHenry. ‘But here we are two years later, and all who investigate, analyze or survey this program conclude that it is an epic failure. The government is offering false hope to hundreds of thousands Americans, and it just can't deliver.’
The committee also voted to halt funding for the Neighborhood Stabilization Program (NSP) by approving H.R.861, the NSP Termination Act, introduced by Rep. Gary Miller, R-Calif. President Obama has stated that he would veto both bills if they were to pass both houses of Congress.
SOURCE: House Financial Services Committee
