Issa Applauds Passage of Legislation to End HAMP

Published: Mar 30, 2011

WASHINGTON. D.C. Rep. Darrell Issa (R-CA), the Chairman of the House Committee on Oversight and Government Reform, today praised the House of Representatives’ passage of H.R. 839, “The HAMP Termination Act”:

“Despite clear evidence from SIGTARP, GAO and the Congressional Oversight Panel, the Treasury Department has repeatedly refused to face the facts and address shortcomings in this ineffective program,” said Chairman Issa. “To many struggling Americans seeking permanent mortgage relief, HAMP offered little more than false hope. More homeowners have been kicked out of the program than have received permanent relief.”

“The oversight efforts of my Republican and Democratic colleagues on the Oversight and Government Reform Committee, including Rep. Patrick McHenry and Rep. Jim Jordan, were crucial to today’s action by the House. Ending this program will help us reduce the deficit and end uncertainty in the housing market. Both actions will contribute to the only sustainable solution to the foreclosure epidemic: a broad-based, private-sector economic recovery.”

In 2009, Treasury predicted that HAMP (Home Affordable Mortgage Program) would allow 3 to 4 million homeowners to modify their mortgages in order to avoid foreclosure. However, according to Treasury’s own analysis, only 607,607 homes were undergoing permanent modification while 808,354 modifications had been canceled.

The House of Representatives passed H.R. 839 by a vote of 252 to 170.