HAMP Foreclosure Aid Program Voted Down by House

HAMPHAMP is on life support, thanks to a U.S House of Representatives vote on Tuesday. The House voted 252 to 170 to end the widely criticized Home Affordable Modification Program, with Republicans leading the charge to eliminate it. While the Obama administration program originally hoped to aid 3 to 4 million troubled homeowners, it has enabled fewer than 600,000 permanent mortgage modifications since February; an additional 800,000 temporary mods have been canceled. The bill to terminate HAMP is unlikely to pass in the Senate and surely would be vetoed by President Obama. Nonetheless, HAMP's elimination would save $1.4 billion. Read more at The Huffington Post.

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I agree with jkennedy806 100%!!!!!!!!!!

March 30 2011 at 1:22 PM Report abuse rate up rate down Reply

If this program had been a success, there would not be the foreclosure issue there is right now, cities and towns would not have to deal with the 20% vacancy rate that is now showing up and the deficit in revenues from taxes that a occupied home provides, the real estate market would have recovered, cause the foreclosure problem wouldn't have been a problem, MAKING YOUR HOME AFFORDABLE was about as big as a joke as NO CHILD LEFT BEHIND, both these programs need to be scrapped, these programs were for narcisstic politicians who had a self serving lobby to promote their next campaign.

March 30 2011 at 12:39 PM Report abuse rate up rate down Reply

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