HAMP: House Republicans Vote to Abolish Foreclosure Assistance Program, Obama Threatens Veto
HAMP isn't working and actually serves to entrap borrowers into foreclosure, by the millions in fact, which makes this the smart and correct policy decision. But politics is about perception, and this is not a good headline.
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The U.S. House of Representatives voted to abolish a program designed to help homeowners avoid foreclosure as some Democrats aligning with Republicans against the measure. The House voted 252-170 to eliminate the Home Affordable Modification Program, President Barack Obama’s effort to aid struggling homeowners. The program pays banks and mortgage servicers to modify borrowers’ monthly payments.
The measure must pass the Senate before it can become law. Senate Republicans Jim DeMint of South Carolina, Bob Corker of Tennessee and Tom Coburn of Oklahoma have introduced legislation to end the program. Obama has threatened to veto the bill if it gets to his desk.
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HAMP Needs to Go
Liberals agree it's the correct decision
"What is infuriating is that their logic is practically unassailable at this point," writes David Dayen of FireDogLake, a longtime critic of the program. "And this is why HAMP was so damaging. The government ruined its own brand with a program that hurt the people it was meant to help. This is why I've said for almost a year that HAMP gravely hurt liberalism. I cannot argue with Issa and Jordan and McHenry when they say that HAMP has to go."
The House bill would snag the unspent HAMP money and return it to the Treasury to pay down the national debt.
Mar 30, 2011 at 5:14 PM
Reader Comments (3)
http://blogs.wsj.com/washwire/2011/03/30/quinnipiac-poll-obama-approval-sinks/
[snip]
The latest Quinnipiac University poll gives President Barack Obama the lowest approval ratings of his presidency, with a majority of Americans saying he does not deserve another term in the White House.
Comment: The line up for 2012 is also very unappealing. Rep Paul. you will take this with a landslide no matter what the media says (think GE).... Please run. (and become a dictator while you are at it)..... we need you now!