Widespread Criticism Leads to Vote to End Last Remaining Obama Housing Program

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The Home Affordable Modification Program, HAMP, a home loan modification program to avoid foreclosure, once touted as key to helping millions of homeowners who were "underwater" due to plummeting home values, suffered a loss when the House of Representatives voted to eliminate the program, the last remaining housing program of the Obama administration.

HAMP, launched at the beginning of Barack Obama's term as president, has drawn harsh criticism for its inefficiencies from nearly everyone including independent watchdogs overseeing the program, Democrats and members of the Congressional Black Caucus.

The House vote, however, will be little more than symbolic since it's not expected to pass in the Senate and the White House said Obama will veto the bill if it reaches his desk.

The Troubled Asset Relief Program's chief watchdog Neil Barofsky said HAMP "benefits a small portion of distressed homeowners" and in some cases actually "causes more harm than good," when he testified before the House Financial Services Committee.

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Published In: General Business Updates, Elections & Politics Updates, Finance & Banking Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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