House committee to shut down failed HAMP program --
~ The Rebel ~ 2011/02/25 15:45:26
"At its meeting next Thursday, the highest-profile target of the Republican-run House Financial Services Committee will be the Home Affordable Modification Program," reports the AP. "The Treasury Department has acknowledged the program won't meet its original goal of preventing 3 million to 4 million foreclosures, and last month a federal inspector general said it has been a failure." Republicans plan to kill a number of other programs supposedly intended to help struggling homeowners, but that have in reality had little or no impact other than to deepen the pool of red ink in which America is drowning. In response, Rep. Barney Frank posited that the very same HAMP program that independent investigators determined "continues to fall dramatically short of any meaningful standard of success," is nevertheless "a responsible way" to "respond to the victims of the foreclosure crisis."
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