Wednesday, March 30, 2011
House Votes to End Obama Foreclosure-Relief Program
The GOP-controlled House voted 252-170 yesterday to eliminate the Home Affordable Modification Program (HAMP), the Obama administration's main program to provide foreclosure relief, CongressDaily reported today. Created nearly two years ago, HAMP has helped 600,000 homeowners avoid foreclosure, according to administration officials. Republicans argue that the program wastes taxpayer dollars and point out that the administration initially promised that it would help 3 million to 4 million homeowners. The bill has little chance of becoming law, since the Democratic-controlled Senate is almost certain to block it and the White House has threatened to veto it. However, 50 Democrats led by Rep. Maxine Waters (D-Calif.) sent a letter to Treasury Secretary Timothy Geithner demanding that regulators "immediately" fix a slew of mortgage-servicing problems. The group said that it was not giving up on HAMP but was fed up with the program's meager results.