McHenry on Treasury Decision to Halt Payment to Mortgage ServicersPosted by Ryan Minto on June 09, 2011
Washington, D.C.-Today, Congressman Patrick McHenry (NC-10), Chairman of the Oversight Subcommittee on TARP, Financial Services and Bailouts of Public and Private Programs, issued the following remarks regarding the Treasury's decision to halt federal payments to mortgage servicers:
“The Making Home Affordable Program has been an abysmal failure that has hurt more homeowners than it has helped. During his tenure of service, former SIGTARP Neil M. Barofsky pleaded with Treasury to make significant changes to improve HAMP. The fact that Treasury has finally decided to act is an affirmation of HAMP’s failure, one that is unfortunately too late for the millions of homeowners who could have been helped if Treasury had acted sooner. The Senate needs to act now to pass the HAMP Termination Act."