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Vote YES on H.R. 839, the HAMP Termination Act of 2011
March 29, 2011
NTU urges all Representatives to vote “YES” on H.R. 839, the HAMP Termination Act of 2011, introduced by Representative Patrick McHenry (R-NC).
This legislation would amend the Emergency Economic Stabilization Act of 2008 to terminate the Home Affordable Modification Program (HAMP) whose results have failed to justify its $75 billion cost to taxpayers.
By any measure, HAMP has proven a colossal failure that has done more to harm than help debt-laden homeowners. Having only achieved slightly more than 500,000 permanent modifications, 40% of which the Treasury expects to default, HAMP has fallen dramatically short of its goal of helping 3 to 4 million homeowners avoid foreclosure. To date, far more borrowers have dropped out of the program than successfully achieved permanent loan modification. These borrowers, along with those who later default, will often be left with larger outstanding debt, worse credit scores, and less home equity. Congress should pass legislation that eliminates the HAMP program, to put an end to these counterproductive outcomes while saving taxpayers billions of dollars.
Roll call votes on H.R. 839 will be significantly weighted in our annual Rating of Congress and a “YES” vote will be considered the pro-taxpayer position.
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