NTU urges all Representatives to vote“YES” on H.R. 839, the HAMP Termination Act of 2011, introduced byRepresentative Patrick McHenry (R-NC).
Thislegislation would amend the Emergency Economic Stabilization Act of 2008 to terminatethe Home Affordable Modification Program (HAMP) whose results have failed tojustify its $75 billion cost to taxpayers.
Byany measure, HAMP has proven a colossal failure that has done more to harm thanhelp debt-laden homeowners. Having only achieved slightly more than 500,000permanent modifications, 40% of which the Treasury expects to default, HAMP hasfallen dramatically short of its goal of helping 3 to 4 million homeownersavoid foreclosure. To date, far more borrowers have dropped out of the programthan successfully achieved permanent loan modification. These borrowers, alongwith those who later default, will often be left with larger outstanding debt,worse credit scores, and less home equity. Congress should pass legislationthat eliminates the HAMP program, to put an end to these counterproductiveoutcomes while saving taxpayers billions of dollars.
Roll call votes onH.R. 839 will be significantly weighted in our annual Rating of Congressand a “YES” vote will be considered the pro-taxpayer position.
If you have any questions, please contact:
NTU Federal Government Affairs Manager Brandon Greifeat (703) 683-5700