Quantcast

House committee to shut down failed HAMP program --

~ The Rebel ~ 2011/02/25 15:45:26
Related Topics: Republican, Home
"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."

Read More: http://www.forbes.com/feeds/ap/2011/02/24/general-...

You!
Add Photos & Videos

Sort By
  • Most Raves
  • Least Raves
  • Oldest
  • Newest
Opinions

  • wicked soda boy 2011/02/25 16:12:50 (edited)
    wicked soda boy
    +1
    HAMP was ill-conceived and ineffective. What a sorry way to waste precious tax dollars at a time when our country really needs to stop screwing up and start getting it right.
    Barney Frank is such a complete fool - why do voters in Mass keep electing this guy? Are they ALL retarded in that state?
  • kjkenny45 wicked ... 2011/03/14 19:21:58
    kjkenny45
    +3
    HAMP had good intentions but it is only good if the banks are willing to participate, which they prefer not to do. Banks make more money by foreclosing then adjusting the loan. Sadly government does not get this part of the equation but they wrote the rules so they should. This is why paperwork is lost, bank reps provide misinformation, calls get dropped, etc. Now if congress made the banks accountable we would see the 3 to 4 million folks helped as intended. Sorry but the Federal government works for the banks, not the other way around. Sad but true.

    Now since the federal government can not really help the millions of folks that need help to stay in their homes, what makes anyone really think they can do an excellent job issuing healthcare? Pretty scary. Only reason the government is getting involved with healthcare is MONEY. They need another pot to steal from since they are tapped out from stealing from the DOD. When is the revolution coming?
  • ~ The Rebel ~ 2011/02/25 15:50:31
    ~ The Rebel ~
    House panel's bill would end foreclosure program
    By ALAN FRAM , 02.24.11, 01:17 PM EST

    WASHINGTON -- A House committee plans to write legislation next week ending the Obama administration's flagship effort for helping struggling homeowners avoid foreclosure and abolishing three other housing assistance programs.

    At its meeting next Thursday, the highest-profile target of the Republican-run House Financial Services Committee will be the Home Affordable Modification Program. 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.

    The bill comes at a time when Republicans are proposing deep spending cuts across the federal budget. They have already pushed legislation through the House cutting this year's spending by $61 billion, despite opposition by President Barack Obama and congressional Democrats.

    The committee will also vote on GOP plans to terminate programs that help state and local governments buy foreclosed properties and sell or rent them, provide loans to unemployed people who have fallen behind in their mortgage payments, and help restructure mortgages for people who owe more than their homes are worth.

    Democrats s...















    House panel's bill would end foreclosure program
    By ALAN FRAM , 02.24.11, 01:17 PM EST

    WASHINGTON -- A House committee plans to write legislation next week ending the Obama administration's flagship effort for helping struggling homeowners avoid foreclosure and abolishing three other housing assistance programs.

    At its meeting next Thursday, the highest-profile target of the Republican-run House Financial Services Committee will be the Home Affordable Modification Program. 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.

    The bill comes at a time when Republicans are proposing deep spending cuts across the federal budget. They have already pushed legislation through the House cutting this year's spending by $61 billion, despite opposition by President Barack Obama and congressional Democrats.

    The committee will also vote on GOP plans to terminate programs that help state and local governments buy foreclosed properties and sell or rent them, provide loans to unemployed people who have fallen behind in their mortgage payments, and help restructure mortgages for people who owe more than their homes are worth.

    Democrats signaled that they will oppose the proposals.

    "As we continue to respond to the victims of the foreclosure crisis in a responsible way, we will make the case that there are better ways for the federal government to cut spending than by attacking these programs," said Rep. Barney Frank of Massachusetts, top Democrat on the committee.

    Financial Services Chairman Spencer Bachus, R-Ala., who announced his committee's meeting on Thursday, said the targeted programs have had little impact, have increased some homeowners' debts and may have led to additional foreclosures.

    "In an era of record-breaking deficits, it's time to pull the plug on these programs that are actually doing more harm than good for struggling homeowners," Bachus said in a written statement.

    The Home Affordable Modification Program is designed to help financially troubled homeowners reduce their monthly mortgage payments by offering them lower interest rates and longer repayment periods.

    Foreclosures have remained high, with the foreclosure listing firm RealtyTrac Inc. saying there were 2.9 million foreclosure filings last year and over 3 million expected this year.

    Even so, the modification program is expected to ultimately complete only 700,000 to 800,000 permanent modifications, according to a report issued last month by the government's special inspector general overseeing the program.

    The program "continues to fall dramatically short of any meaningful standard of success," the report said.

    http://www.forbes.com/feeds/a...
    (more)
  • ~ The Rebel ~ 2011/02/25 15:46:39
    ~ The Rebel ~
    +1
    Don't they need more red ink to destroy the greatest country in the world? A/holes!!!

See Votes by State

The map above displays the winning answer by region.

News & Politics

2014/10/23 08:55:51

Hot Questions on SodaHead
More Hot Questions

More Community More Originals