HAMP

The House Financial Services Committee will hold a hearing March 2 and vote on legislation on March 3 that would terminate HAMP and other executive branch-run foreclosure prevention programs. Separately, the Senate Judiciary Committee will consider legislation by Sheldon Whitehouse on March 3 that would clarify authority of the bankruptcy courts to establish foreclosure mediation programs (S. 222, the Limiting Investor and Homeowner Loss in Foreclosure Act of 2010). To become law, the legislation identified above would have to be approved by committee, passed on the floor of each chamber, reconciled between the House and Senate, and signed into law by the president, so there are many more steps to go in the process.