On March 29, the House voted 252 to 170 to end the Home Affordable Modification Program (HAMP). The House Committee on Financial Services passed the bill, H.R. 839, on March 9 (see Memo, 3/11). The HAMP program began in 2009 to assist homeowners in working out mortgage modifications with their lenders. In a Statement of Administration Policy, the President has said he would veto H.R. 839 if it were presented to him.
Just prior to the House’s vote, the Senate Committee on Banking, Housing and Urban Affairs released a statement in support of making improvements to HAMP. “Today the House will vote on a bill offered by Republicans to end HAMP and leave nothing in its place. HAMP has helped hundreds of thousands of families remain in their homes, and with continued oversight, it has the potential to help hundreds of thousands more families,” the Banking Committee’s March 29 statement said. On March 10, Senator Jim DeMint (R-SC) introduced S. 527, which is identical to H.R. 839 and was referred to the Banking Committee.