HAMP Termination Act Passed in the House

H.R. 839, the HAMP Termination Act of 2011, amends the Emergency Economic Stabilization Act of 2008 to terminate the authority of the Secretary of the Treasury to provide new assistance under the Home Affordable Modification Program. This program was cited by the Special Inspector General for TARP as it `benefits only a small portion of distressed homeowners, offers others little more than false hope, and in certain cases causes more harm than good’. The program has spent $840 million in the past 2 years, and its termination will save taxpayers $1.4 billion. The savings will be applied to reducing the national debt.

Eighteen Democrats voted with the majority of Republicans for this bill, and two Republicans, Joseph Heck (NV-3) and Ed Whitfield (KY-1) joined 168 Democrats in voting against it.

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