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Daily Real Estate News  |  March 30, 2011  |   House Votes to End HAMP
The House voted Tuesday to end the Home Affordable Modification Program (HAMP), the Obama administration’s flagship program for foreclosure aid.

HAMP provides federal money to help banks modify mortgages for borrowers who are behind on their payments.

"To many struggling Americans seeking permanent mortgage relief, HAMP offered little more than false hope,” Rep. Darrell Issa (R-Calif.), who chairs the House Oversight Committee, said in a statement. “More home owners have been kicked out of the program than have received permanent relief."

The program has faced criticism that it hasn’t done enough to help struggling borrowers and is costly to taxpayers.

The House voted 252 to 170 to end any new funding for HAMP. The bill will now go before the Senate.

In recent weeks, President Obama has threatened to veto any bill that tries to end the administration’s foreclosure aid programs. House Republicans already have passed three other bills to stop funding of smaller programs, which are aimed at helping families, those who have lost their jobs, and neighborhoods dealing with foreclosure.

Despite being a mostly Republican led fight to end HAMP, Democrats have also urged government officials that HAMP needs to help more home owners.

"Yes, the HAMP program has a lot of problems," says Rep. Barney Frank (D-Mass.) on the House floor. "But, the absence of any program leaves home owners worse off."

Source: “House Votes to Kill Obama Mortgage Plan,” CNNMoney.com (March 29, 2011)

Read more:
More Votes to End Mortgage Aid Programs

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