Chris Van Hollen: “Today's bill represents the fourth piece of legislation we have considered in as many weeks to withdraw assistance from…”

“Today's bill represents the fourth piece of legislation we have considered in as many weeks to withdraw assistance from struggling homeowners, worsen the foreclosure crisis and further weaken the middle class. Specifically, H.R. 839 proposes to terminate the Home Affordable Modification Program, or HAMP. HAMP is a voluntary program with strict and sensible guidelines that has already provided permanent loan modifications to 600,000 American households, including over 17,000 in my home state of Maryland--and is expected to help another 30,000 Americans stay in their homes every month through the end of next year. Furthermore, HAMP's standards have now been largely adopted and standardized across the mortgage industry, thereby benefiting millions of additional homeowners outside the program itself. HAMP is not a silver bullet, and it will not help everyone. For example, it is not available for mortgages over $729,750, for second homes, for investment properties or for vacant houses. Additionally, HAMP is not for homeowners who can afford to pay their mortgages without government assistance--or for homeowners who could not afford to pay their mortgages even with government assistance. But for the estimated 1.4 million Americans who are eligible for the program, HAMP is a lifeline that can make all the difference. Mr.…”