A bill to repeal Home Affordable Modification Program (HAMP) funds appropriated under he Dodd-Frank Act passed the House Financial Services Committee on Wednesday.

When HAMP was created back in 2009, the present administration estimated that HAMP would assist 3-4 million homeowners.  But according to a recent report only 782,609 HAMP loans have been successfully completed, that is a major difference from what was projected.  The 782,609 loans equated to $2.54 billion dollars, while $30 billion dollars were allocated for HAMP use.

Anther section of the bill would also cut back the funds to be appropriated to the Consumer Financial Protection Bureau (CFPB) to $200 million dollars for the up coming fiscal year.  This bureau has already ruffled a lot of feathers, because of regulations that they have been proposing.  Many including myself, feel that most of the regulations that have been proposed to date by the CFPB are basically a duplication of regulations already in place.

It is unlikely that this bill will became law under the present administration, so it will most likely not be brought before the full House and Senate until after the election.

 

*************************************************************************************

 Info about the author:

George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com

 
Posted by George Souto on 04/20/2012 07:30 PM   Comments (6)   HAMP in the Mortgage / Finance Channel   hamp  
Originally posted at: George's Blog: House Committed Proposes To Do Away With HAMP
Generate short URL
This post has been included in Connecticut Real Estate News
Post is included in group: Real Estate Rookie
Post is included in group: Realtors®
Post is included in group: Mortgages

6 Comments on House Committed Proposes To Do Away With HAMP

APR
20
2012
630,102 Points 5 Featured Posts Localism Sponsor Outside Blog

Makes good sound bites when you can be seen by constituents that you are taking control of the situation.Even if you don't know what you are doing.
7:46pm • #1
622,159 Points 1 Featured Post Outside Blog

All things should be handled local and the federal goverment should be restricted to arbritraiting between the states and foreign affairs. It is ridiculious to thing that DC can handle all aspects of 50 states.
8:37pm • #2
APR
21
2012
493,219 Points 29 Featured Posts Outside Blog Called Shot Master

HAMP was poorly planned right from the beginning and you know anything that is poorly planned, will not succeed. I am however not surprised as that is the normal way this administration words.

Dodd-Frank should never have become law and the entire bill should be repealed. Just another poorly planned bill that was sold by the administration.
3:27am • #3
795,666 Points 80 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

George, thanks for the news...Hamp has been so bad for the stresssed homeowner...it will be interesting to follow the outcome...
5:19am • #4
652,531 Points 3 Featured Posts Outside Blog Called Shot Master

George,

Do the lien holders try to use this program? I have spoken to several under water clients who tried without success to use the program.

Ann Hayden in Wildwood, MO
5:02pm • #5
APR
22
2012
1,357,381 Points 243 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Ann HAMP has not come close to doing what it was suppose to do, so it is not surprising that it did not work for your clients.
4:07pm • #6

Login or register to leave a comment
 
George%20souto%202013-1a Rainmaker_large

George Souto

Middletown, CT

More about me…

George Souto NMLS# 65149 FHA, CHFA, VA Mortgages Connecticut

Address: One Liberty Sq., PO Box 1000, New Britain, Ct, 06050

Office Phone: (860) 573-1308

Cell Phone: (860) 573-1308

Email Me



Listings

Links

Archives

RSS 2.0 Feed for this blog