In recent weeks, we’ve outlined the consequences of terminating the Home Affordable Modification Program SM (HAMP SM) for families, neighborhoods and communities across the country. On this blog, we’ve shared correspondence to those in Congress intent on ending the program – letters from Treasury as well as community, consumer, and labor groups – and testimonials from homeowners who have been helped by HAMP.
This afternoon, the Office of Management and Budget released a Statement of Administration Policy on H.R. 839 – the HAMP Termination Act:
“The Administration strongly opposes House passage of H.R. 839, which would eliminate the Department of the Treasury’s Home Affordable Modification Program (HAMP). This program offers eligible homeowners an opportunity to lower their mortgage payments, helping individuals avoid foreclosure and leading to the protection of home values and the preservation of homeownership. The Administration is committed to helping struggling American homeowners stay in their homes, and has taken many steps over the last two years to stabilize what was a rapidly-declining housing market. As tens of thousands of responsible American homeowners struggling with their mortgages receive permanent assistance each month from HAMP, the Administration believes that continuation of HAMP is important to the Nation’s sustained economic recovery.
“If the President is presented with H.R. 839, his senior advisors would recommend that he veto the bill.”
Download the Statement here.