Political Quotes

“Mr. Chair, I rise today in support of H.R. 839, the HAMP Termination Act. As you know, this bill would terminate the failed Home Affordable Modification Program (HAMP), while still protecting assistance for homeowners who were already extended an offer to participate in the program. If passed, it would save taxpayers $1.4 billion. HAMP was established under the Troubled Assets Relief Program (TARP) and was aimed at helping homeowners modify their loans. The Administration rolled out HAMP with the goal of assisting three to four million homeowners, yet the program has fallen far short of that goal, assisting only 500,000 borrowers and at a cost much higher than anticipated. In fact, this program is hurting more homeowners than it is helping. Many trial modifications ultimately end up being cancelled--putting borrowers in a worse financial position than they were before they applied for HAMP assistance. Too many found HAMP to be less than helpful, and ended up owing back payments, interest, and fees in one lump sum once their modification request is rejected. Numerous government watchdogs--including the Government Accountability Office, the Special Inspector General for TARP, and the Congressional Oversight Panel--are all on record labeling HAMP as ineffective.…”