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Ohio congressman seeks repeal of HAMP program

Ohio Representative Jim Jordan introduced a bill in the U.S. House on Friday to end the Treasury Department's Home Affordable Modification Program. Republicans in the House are calling the foreclosure-prevention program a "colossal failure." Roughly 522,000 Americans have enrolled in the government program in an effort to stop a mortgage foreclosure, according to the Treasury Department.

The original goal of the program was to assist up to four million distressed homeowners keep their home during the tough economy. The 522,000 homeowners who remain current on their modified loans fall far short of the original goal of the program. The government says that nearly 1.5 million distressed homeowners enrolled in the program since spring 2009. Roughly 793,000 homeowners have dropped out of the program.

The original goal of the program was to assist up to four million distressed homeowners keep their home during the tough economy. The 522,000 homeowners who remain current on their modified loans fall far short of the original goal of the program. The government says that nearly 1.5 million distressed homeowners enrolled in the program since spring 2009. Roughly 793,000 homeowners have dropped out of the program.

Representative Jordan says the program is "one more example of why government interference in the private sector doesn't work and that's why it should be repealed."

Experts say the repeal measure may not fare well if it goes to the Democratic controlled senate. Congressional Democrats say the government needs to be more aggressive in preventing foreclosures. They say the government needs to do more to press banks to write down the principle of loans that exceed the market value of the home.

The Treasury Department defends the program. Tim Massad, the acting assistant secretary for financial stability in the Treasury Department says the "program can still help a lot of people." Massad made his comments while defending the program in a hearing on Capitol Hill earlier this week.

Source: Wall Street Journal, "Republicans' Bill Would End Obama Home-Foreclosure Program," Alan Zibel 28 Jan 2011

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