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Public Statements

The Hamp Termination Act of 2011

Floor Speech

Location: Washington, DC

* Mr. CANTOR. Mr. Chair, last November, voters sent an unambiguous message in opposition to the surge in government spending.

* Today, House Republicans are fighting to provide a surge protector.

* In three short months, we have changed the conversation in Washington from increasing spending to cutting spending and by how much. We have made significant strides toward returning spending to more reasonable 2008 levels, and we are taking the scalpel to excessive regulation that is smothering the economy.

* By lifting the ominous fiscal cloud that hangs over our businesses and job creators, we are laying the foundation for lasting growth.

* Today, through our YouCut program, the American public has put another wasteful spending initiative on the chopping block.

* In February 2009, the administration earmarked $30 billion in TARP money to implement the Home Affordable Modification Program. This effort was intended to fight foreclosure and strengthen the housing market, but to quote the non-partisan Inspector General, it ``continues to fall dramatically short of any meaningful standard of success.''

* HAMP was meant to help 4 million homeowners; yet only 521,630 loans have been modified under the program. To add insult to injury, HAMP suffers from high re-default rates and has left many borrowers worse off.

* This legislation would save taxpayers up to $29 billion by preventing the government from providing any new assistance under HAMP. It is a common sense way to put an end to the culture of waste we have been working to eradicate in Washington. I urge my colleagues to vote in favor.

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