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Van Hollen Statement on The HAMP Termination Act of 2011 (HR 839)
Washington,
Mar 29, 2011 -
Mr. Speaker, today’s bill represents the fourth piece of legislation we have considered in as many weeks to withdraw assistance from struggling homeowners, worsen the foreclosure crisis and further weaken the middle class.
Specifically, HR 839 proposes to terminate the Home Affordable Modification Program, or HAMP. HAMP is a voluntary program with strict and sensible guidelines that has already provided permanent loan modifications to 600,000 American households, including over 17,000 in my home state of Maryland – and is expected to help another 30,000 Americans stay in their homes every month through the end of next year. Furthermore, HAMP’s standards have now been largely adopted and standardized across the mortgage industry, thereby benefiting millions of additional homeowners outside the program itself.
HAMP is not a silver bullet, and it will not help everyone. For example, it is not available for mortgages over $729,750, for second homes, for investment properties or for vacant houses. Additionally, HAMP is not for homeowners who can afford to pay their mortgages without government assistance – or for homeowners who could not afford to pay their mortgages even with government assistance. But for the estimated 1.4 million Americans who are eligible for the program, HAMP is a lifeline that can make all the difference.
Mr. Speaker, as we struggle to pull ourselves out of the worst economic downturn since the Great Depression, it makes little sense to terminate a targeted and effective foreclosure prevention program like HAMP when so many of our fellow Americans still face completely avoidable foreclosure.
I urge a no vote, and I yield back the balance of my time.
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Congressman Chris Van Hollen
