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Press Release Published: Jul 24, 2013

Issa/Jordan Joint Statement on Investigator’s Struggling Mortgage Program Report

WASHINGTON – House Oversight and Government Reform Committee Chairman Darrell Issa (R-Calif.) and Oversight Regulatory Affairs Subcommittee Chairman Jim Jordan (R-Ohio) today released the following statement on the Special Inspector General for the Troubled Asset Relief Program’s (SIGTARP) report on the Home Affordable Modification Program (HAMP) showing severe problems with the struggling program.

“As our Committee initially found, HAMP was a disaster,” said Issa and Jordan.  “It only assisted a mere 15% of the 3-4 million intended beneficiaries. Mortgage modification programs have had historically poor records of keeping people in their homes. What keeps people in their homes is employment and a growing economy, not ineffective government programs.”

See the Oversight Committee’s staff report on HAMP here from February 2012.