HAMP Foreclosure Aid Program Voted Down by House
HAMP is on life support, thanks to a U.S House of Representatives vote on Tuesday. The House voted 252 to 170 to end the widely criticized Home Affordable Modification Program, with Republicans leading the charge to eliminate it. While the Obama administration program originally hoped to aid 3 to 4 million troubled homeowners, it has enabled fewer than 600,000 permanent mortgage modifications since February; an additional 800,000 temporary mods have been canceled. The bill to terminate HAMP is unlikely to pass in the Senate and surely would be vetoed by President Obama. Nonetheless, HAMP's elimination would save $1.4 billion. Read more at The Huffington Post.
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