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.
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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
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