BLOOMBERG | U.S. House Panel Votes to Abolish Obama Foreclosure-Prevention Programs

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BLOOMBERG | U.S. House Panel Votes to Abolish Obama Foreclosure-Prevention Programs

Posted on10 March 2011. Tags: hamp, Home Affordable Modification Program, House Finanacial Services Committee, obama administration, tarp

By Lorraine Woellert – 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.”

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One Response to “BLOOMBERG | U.S. House Panel Votes to Abolish Obama Foreclosure-Prevention Programs”

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Save The Carrot Dangling of Failed HAMP, We Don't Want It says:

04/05/2011 at 12:42 pm

[…] Last month Representative Patrick McHenry, a North Carolina Republican, called the plan an “epic failure.” […]

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Categorized | STOP FORECLOSURE FRAUD