The Hamp Termination Act of 2011

Floor Speech

BREAK IN TRANSCRIPT

Mr. LARSEN of Washington. Mr. Speaker, this amendment does one simple thing:

It continues the Home Affordable Modification Program for members of the Armed Forces and Gold Star recipients.

Mr. Speaker, we all know the Home Affordable Modification Program has not performed to the original projections, but this is an effort that has provided 600,000 permanent loan modifications. Six hundred thousand American families are still in their homes because of this effort. I doubt these families would tell you it is not working.

Mr. Speaker, some will say that terminating this program won't affect those who have already received modifications or are working through a modification currently. Yet many more families still need help, especially military and gold star families.

Even though the economy is beginning to recover, the housing market is still struggling. HAMP is currently helping 30,000 additional families every month.

I would prefer that we keep this effort going for everyone. But if we are not about to, at a minimum we need to preserve this program for active military and gold star families.

Regardless of how anyone feels about the underlying legislation and regardless of how anybody feels about the funding for the original legislation, we can all agree that we owe our men and women in uniform a tremendous debt of gratitude for their service and sacrifice. While defending our country, servicemembers should not be afraid that their families will lose the roof over their heads, but that's the very situation in which a Navy sailor found himself last year as part of Operation Enduring Freedom.

Seven thousand miles from home, there was little he could do to help his spouse balance the stress of raising two children, of her work, and of household expenses. To top it off, their mortgage was about to jump to almost $2,300 a month. But this family was able to find relief in the Home Affordable Modification Program. They applied for a trial modification under HAMP and began making reduced payments. After a few months, their modification became permanent and reduced their monthly payment by almost $400.

This program helps keep servicemembers and their families in their homes. Some will say that this bill includes a study on the best practices that could be applied to mortgage assistance programs to help members of our military. But, Mr. Speaker, you can't live in a study. A study does not put a roof over your head. A study doesn't provide shelter for your children. And a study won't help you pay your bills when your mortgage rate skyrockets.

Mr. Speaker, our servicemembers and gold star families don't need a stack of paper telling them the ways that we might help. They need actual help. As it currently stands, this bill takes something from our men and women in uniform, a mortgage assistance program, and gives them nothing in return.

My district includes two Navy bases, each home to thousands of servicemembers and their families. Additionally, the district has the Washington State National Guard and Reserve located there. I am proud to represent these men and women and am honored by the work they do each day. These men and women and their families sacrifice for our country. While they're protecting our families, the least we can do is protect their homes.

Let's be clear. The passage of this amendment will not prevent the passage of the underlying bill. If the amendment is adopted, it will be incorporated into the bill, and the bill will be immediately voted upon. We need to do all in our power to ensure the men and women who fight and die in our wars are able to keep their homes. It's very simple.

I urge my colleagues to vote ``yes'' on this final amendment.

BREAK IN TRANSCRIPT

Source