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House Passes HAMP Termination Act |
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WASHINGTON – In a bipartisan vote today, the House of Representatives passed H.R. 839, the HAMP Termination Act. Introduced by Congressman Patrick McHenry (R-NC), the bill followed months of bipartisan criticism of the program, which has been widely viewed as a failure. The program, administered by Treasury, was originally intended to help 3 to 4 million struggling homeowners. However, nearly 800,000 of the 1.42 million homeowners who enrolled in the program have subsequently been rejected or terminated. Testifying before the House Oversight and Government Reform Committee in January, the Special Inspector General for the Troubled Asset Relief Fund (SIGTARP), Neil M. Barofsky, stated that “the Home Affordable Modification Program (HAMP) — has been beset by problems from the outset and, despite frequent retooling, continues to fall dramatically short of any meaningful standard of success.” “My office has heard from constituent after constituent with the same story,” said Congressman McHenry. “These folks have been strung along by a government program that gave them false hope of keeping their homes, only to leave them with depleted savings, tarnished credit, and even higher bills to pay.” Congressman McHenry’s HAMP Termination Act would put an end to the program and use remaining HAMP funds to pay down the massive federal deficit. Specifically the bill will do the following:
CBO estimates the bill will save taxpayers $1.4 billion.
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