OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

The Home Affordable Modification Program Termination Act

Floor Speech

Date: March 17, 2011
Location: Washington, DC
Issues: Finance and Banking Housing and Property

* Mr. Speaker, I rise in opposition to H.R. 839, the Home Affordable Modification Program Termination Act.

* The Home Affordable Modification Program is designed to help struggling homeowners avoid foreclosure by providing homeowners with financially responsible and affordable loans.

* The program provides incentives to loan investors and servicers in consideration for the loan modifications, and incentives for homeowners to continue to make on-time payments.

* At the end of January, there were 539,493 homeowners with permanent Home Affordable Modification Program loan modifications.

* New permanent Home Affordable Modification Program modifications have averaged around 29,000 per month over the last six months of 2010.

* This program saves homeowners on average 527 dollars per month.

* If this bill is passed it would deny modification loans to more than a half million homeowners at risk of foreclosure.

* I encourage my colleagues to stand up for homeownership in your districts and vote against this irresponsible bill.


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