Today, Congressman Patrick McHenry (NC-10), Chairman of the Oversight Subcommittee on TARP, Financial Services and Bailouts of Public and Private Programs, issued the following remarks in advance of President's Obama's declaration that "We can't wait" for lawmakers to act:
"Today's announcement by the President is just another step in the floundering strategy of an administration that has been grossly incapable of providing meaningful solutions to help struggling homeowners. When it comes to this Administration's housing policies, the time to act has long since passed. More than 6 million Americans are behind on their mortgage payments or facing foreclosure and the policies of this President have done more harm than good."
McHenry is the author of House-passed legislation to repeal the Administration's disastrous Home Affordable Mortgage Program. Based on anecdotes and data provided by the Treasury Department, HAMP actually harmed, rather than helped, thousands of participants. As of August, HAMP had only provided approximately 816,000 loan modifications, or less than 1 in 4 of those who applied. Additionally, only 838,000 homeowners were able to refinance through HARP, after the administration estimated it would help 4 to 5 million borrowers.