By – Mar 10, 2011 12:01 AM ET
The House Financial Services Committee voted to abolish President Barack Obama’s signature anti-foreclosure program, saying it failed to deliver the promised help to homeowners.
The panel voted yesterday along party lines, 32-23, to repeal the Home Affordable Modification Program, or HAMP, which pays lenders to rewrite loan terms to lower borrowers’ payments.
Representative Patrick McHenry, a North Carolina Republican, called the plan an “epic failure.”
