Congressman previously introduced legislation to end failed program in 2011
Washington, DC – December 21, 2015 – (RealEstateRama) — Chief Deputy Whip Patrick McHenry (R, NC-10), the Vice Chairman of the Financial Services Committee, released the following statement on passage of the consolidated appropriations bill and, more specifically, Title VII which terminates the Making Home Affordable Initiative effective December 31, 2016:
“For more than four years, I have been front and center in trying to help homeowners and protect the American taxpayer by ending President Obama’s wasteful and failed mortgage modification program. I am pleased to say that day has finally arrived.
“With passage of today’s consolidated appropriations bill, Congress has finally ended the Home Affordable Mortgage Program (HAMP), which harmed the very people it was intended to help: those who were struggling to keep their homes after the financial crisis. While I would prefer the money saved by eliminating the program be put towards reducing our deficit, I am grateful that we have finally acknowledged HAMP for what it is: a failed government program that hurt those in need.”
BACKGROUND: On February 28, 2011 Chief Deputy Whip McHenry introduced H.R. 839, the HAMP Termination Act of 2011, to end the HAMP program. On March 29th of that year, H.R. 839 passed the House on a bipartisan vote of 252-170-1.