As reported by Yahoo! News through Reuters and reporter Corbett B. Daly, House Republicans have voted to kill the Home Affordable Modification Program (HAMP).
In theory the program was designed to help homeowners struggling with their mortgages to get modification programs through banks and lenders to stay in their home. In essence, this was a response to the common question from homeowners after TARP – “where is our bailout?”
In practice though the program has been very rigid, and in my law practice I have seen that banks have been reluctant to act within the spirit of the law and in most cases have been rejecting seemingly qualified consumers and foreclosing on homeowners who are in the process of obtaining modifications under the program.
President Obama has already indicated that he would veto any bill that would seek to over turn the HAMP program.
The question that comes to mind is this, is this a bad program and one that needs to be killed or is this a program that can be tweaked?
Take the poll and tell us what you think.
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