Francisco Canseco: “I thank my colleague from North Carolina (Mr. McHenry) for offering this bill that eliminates a wasteful and ineffective…”

“I thank my colleague from North Carolina (Mr. McHenry) for offering this bill that eliminates a wasteful and ineffective program. Mr. Chairman, I am offering an amendment to this bill that will ensure that every dime of savings that comes from terminating the program will go back to the Treasury to reduce the debt of our country. Our country finds itself in the middle of a spending-driven fiscal crisis. And back in November, the American people sent a message that was loud and clear: Stop the out-of-control spending in Washington. For 2 years, the motto in Washington was ``spend now, worry later.'' This is unfair to future generations who will inherit a bankrupt country if we don't act. It's only appropriate that we in this Congress begin our work by cutting programs that simply don't work. The Home Affordable Modification Program, or HAMP, has hurt the very people it was intended to help by giving them false hope. In his most recent quarterly report to Congress, the Inspector General of TARP stated that the HAMP program ``continues to fall dramatically short of any meaningful standard of success.'' That, Mr. Chairman, is Washington-speak for ``failure.'' The program has done nothing to halt foreclosures. In fact, home foreclosures in the United States have risen from 2.3 million in 2008 to 2.9 million in 2010. HAMP is not only a bad deal for homeowners, it's a bad deal for taxpayers as well.…”