Richard L. Hanna: “I have an amendment at the desk. The CHAIR. The Clerk will designate the amendment. The text of the amendment is as…”

“I have an amendment at the desk. The CHAIR. The Clerk will designate the amendment. The text of the amendment is as follows: Page 4, after line 6, insert the following new section (and redesignate the succeeding sections accordingly): SEC. 2. CONGRESSIONAL FINDINGS. The Congress finds the following: (1) According to the Department of the Treasury-- (A) the Home Affordable Modification Program (HAMP) is designed to ``help as many as 3 to 4 million financially struggling homeowners avoid foreclosure by modifying loans to a level that is affordable for borrowers now and sustainable over the long term''; and (B) as of February 2011, only 607,600 active permanent mortgage modifications were made under HAMP. (2) Many homeowners whose HAMP modifications were canceled suffered because they made futile payments and some of those homeowners were even forced into foreclosure. (3) The Special Inspector General for TARP reported that HAMP ``benefits only a small portion of distressed homeowners, offers others little more than false hope, and in certain cases causes more harm than good''. (4) Approximately $30 billion was obligated by the Department of the Treasury to HAMP, however, approximately only $840 million has been disbursed. (5) Terminating HAMP would save American taxpayers approximately $1.4 billion, according to the Congressional Budget Office. The CHAIR. Pursuant to House Resolution 170, the gentleman from New York (Mr.…”