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 Massad Statement on House Financial Services Committee Vote to Terminate HAMP

By: Andrea Risotto
3/9/2011

Following this evening's vote by the House Financial Services Committee to advance legislation to terminate the Home Affordable Modification Program SM (HAMP SM), Acting Assistant Secretary for Financial Stability Tim Massad made the following statement:
 
“We strongly oppose the effort to end the Home Affordable Modification Program. Terminating this program would prevent us from helping tens of thousands of additional families each month, relax the pressure on mortgage companies to offer better assistance to struggling homeowners, and damage the prospects of recovery in our still-fragile housing market.
 
"HAMP has been carefully designed to protect taxpayer interests. It does not apply to loans for vacant properties or second homes, and loans are modified only where it makes economic sense to do so. Taxpayer funds are only spent if homeowners make their payments.  Keeping families in their homes on these terms is good for families, neighborhoods and our economy as a whole.” 
 
To learn more about the critical assistance HAMP has provided to more than 600,000 struggling homeowners to date, read these recent blog posts:
 
Andrea Risotto is Spokeswoman for the Making Home Affordable Program.
Posted in:  Making Home Affordable
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