House Votes To Terminate Obama Administration's Anti-Foreclosure Program
The U.S. House of Representatives voted Tuesday to terminate the Obama administration's signature anti-foreclosure effort, the beleaguered Home Affordable Modification Program. The 252-170 vote broke down mostly along party lines, with Republicans in favor of ending the program.
HAMP, as it's known, has been widely criticized for being far off track from its ultimate goal of modifying mortgages for 3 to 4 million struggling homeowners. Republicans repeated the program's latest statistics on the House floor during debate before the vote: Since the program launched in 2009, fewer than 600,000 homeowners are in permanent modifications as of February, while more than 800,000 homeowners have had their modifications canceled...
"The intent was to help homeowners, but two years after the fact we're left with the cold hard fact that this program has hurt more people than it's helped," said Rep. Patrick McHenry (R-N.C.), sponsor of the HAMP Termination Act, which is unlikely to prevail in the Senate and would almost certainly be vetoed by the White House. ...
Consumer advocates have attributed HAMP's shortcomings mostly to the fact that the Treasury Department, which administers the program, does nothing to punish banks who violate its guidelines. The Treasury Department, for its part, says it can't punish bad banks because the program is voluntary. ...
http://www.huffingtonpost.com/2011/03/29/h...
HAMP, as it's known, has been widely criticized for being far off track from its ultimate goal of modifying mortgages for 3 to 4 million struggling homeowners. Republicans repeated the program's latest statistics on the House floor during debate before the vote: Since the program launched in 2009, fewer than 600,000 homeowners are in permanent modifications as of February, while more than 800,000 homeowners have had their modifications canceled...
"The intent was to help homeowners, but two years after the fact we're left with the cold hard fact that this program has hurt more people than it's helped," said Rep. Patrick McHenry (R-N.C.), sponsor of the HAMP Termination Act, which is unlikely to prevail in the Senate and would almost certainly be vetoed by the White House. ...
Consumer advocates have attributed HAMP's shortcomings mostly to the fact that the Treasury Department, which administers the program, does nothing to punish banks who violate its guidelines. The Treasury Department, for its part, says it can't punish bad banks because the program is voluntary. ...
http://www.huffingtonpost.com/2011/03/29/h...
@Jen, I do so hope this gets lots of coverage, because it may get more in the public to come to realize just how bad in teh real world this is going to be on teh already over burdoned hardships of wall street taking advantage of mainstreet for our only going on manipulated news reports...
I wonder if any othe local community banks are regretting foreclosures...no not for the reason cosen by the mass media to report, but news from towns with over kill building of new homes that have been foreclosed the is costing banks a mint just to pay for the yard care up keep on the closed homes along with them becoming a fire and safty hazard as well as them being potential bombs with illegal drugs being made in these closed homes and fires fo rheat being out of control by squatters living in them...
EDUCATE!!!EDUCATE!!!EDUCATE...AS I KNOW CA. IS NOT THE ONLY AMERICA STATE WITH THIS PROBLEM... (SMILE)