Obama Takes Licks From HAMP Critics
Congressional lawmakers on both sides of the aisle took potshots at the Obama administration’s latest efforts to fix the Home Affordable Modification Program (HAMP).
President Obama announced last week that he was allotting $1.5 billion to assist local housing finance agencies in the states with the most foreclosures: California, Florida, Nevada, Arizona, and Michigan.
Democratic Congresswoman Marcy Kaptur of Ohio said this week that the program might be “doomed to failure” and added that having the Treasury Department run the program doesn’t make sense because Treasury doesn’t have any housing expertise.
Another skeptic: Democratic U.S. Rep. Dennis Kucinich, chair of the House Oversight and Government Reform subcommittee on domestic policy. He told Treasury representatives, “You’re going to have to do more. This is a wake-up call.”
Source: The Wall Street Journal, Judith Burns, and Reuters News, Corbett B. Daly (02/25/2010)
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One Response to “Obama Takes Licks From HAMP Critics”
In my personal experience, the bail out money did not assist me given that I qualified for a HAMP program, was placed on a trial-period that lasted 8 months and then I was abruptly dropped. At all times I maintained my mortgage payments, but the striking result is that Wells Fargo (though my financial status continues to be the same and I continue to fall within the HAMP guidelines set on Freddie Mac’s website), it is demanding an unreasonable shocking amount of $10,000 in a period of six months; otherwise, foreclose on my note. There is no justification for the demand. I can therefore correctly tell you that there are risks in applying for the HAMP program.
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