Summary

To terminate the Home Affordable Modification Program of the Department of the Treasury. Read More

Status

This bill was introduced on Jan 25, 2011, in a previous session of Congress, but was not passed.

Bill Text

A BILL

To terminate the Home Affordable Modification Program of the Department of the Treasury.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``HAMP Repeal and Deficit Reduction Act of 2011''.

SEC. 2. CONGRESSIONAL FINDINGS.

The Congress finds that-- (1) the Department of the Treasury designed the Home Affordable Modification Program (HAMP) to ``help as many as 3 to 4 million financially struggling homeowners avoid foreclosure by modifying loans to a level that is affordable for borrowers now and sustainable over the long term''; (2) only 504,648 active permanent mortgage modifications were made under HAMP as of December 2010, according to Treasury statistics; (3) at that time, the number of mortgage modifications canceled under HAMP (774,081) exceeded the number of modifications made permanent by a 3:2 ratio; (4) many homeowners whose modifications were canceled suffered because they made futile payments--some were even forced into foreclosure as a result; (5) approximately $30 billion was allocated by Treasury to HAMP as of September 2010; and (6) the HAMP is a failure.

SEC. 3. TERMINATION.

(a) Termination of Authority To Provide New Assistance.-- Notwithstanding any other provision of law, after the date of the enactment of this Act the Secretary of the Treasury (in this Act referred to as the ``Secretary'') may not provide any assistance under the Home Affordable Modification Program under the Making Home Affordable initiative of the Secretary, authorized under...

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