ALERT: House passes end to HAMP modifications

The U.S. House of Representatives passed legislation Tuesday evening to end the administration’s flagship foreclosure prevention initiative, the Home Affordable Modification Program (HAMP).

The HAMP Termination Act (H.R. 839) passed the House in a 252 to 170 vote. Pundits are calling it a largely symbolic vote since the bill is not expected to win as much favor in the Senate, although Republican senators have already introduced their own bill to pull the plug on the federal mod program, which is identical to the House bill that passed.

The White House had previously stated the president will veto any HAMP-ending legislation should it land on his desk. The Office of Management and Budget reiterated that threat Tuesday.

Deborah Bremner
The Bremner Group at Coldwell Banker
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