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Treasury Notes

 Terminating Foreclosure Prevention Aid Would Damage the Housing Market

By: Steve Adamske
3/2/2011

Yesterday, during an appearance before the House Financial Services Committee, Secretary Geithner discussed the potential impact of proposed legislation in Congress that would terminate both the Home Affordable Modification Program SM (HAMP SM) and other initiatives that have provided essential support to the housing market recovery.

Secretary Geithner: “It would cause a huge amount of damage to a very fragile housing market and leave hundreds and hundreds of thousands, if not millions, of Americans without the chance to take advantage of a mortgage modification that would allow them to stay in a home they can afford.”

To read more about the damaging impact that ending HAMP would have on ordinary Americans fighting to keep their homes in the aftermath of the worst housing crisis in a generation, you can visit the following blog posts from earlier this week:

And to hear the stories of additional homeowners who have lowered their mortgage payments and avoided foreclosure through HAMP, check out recent posts about Jacqueline from Florida and Laurel from California.

Steve Adamske is Deputy Assistant Secretary of the Treasury for Public Affairs

Posted in:  Making Home Affordable
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