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

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

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


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