Sunday, February 28, 2010
Obama administration's latest efforts to fix the Home Affordable Modification Program (HAMP) received severe blows from Congressional lawmakers on both sides of the aisle.
Local housing finance agencies in the states with the most foreclosures like California, Florida, Nevada, Arizona, and Michigan were given assistance by allotting $1.5 billion, announced President Obama last week.
Local housing finance agencies in the states with the most foreclosures like California, Florida, Nevada, Arizona, and Michigan were given assistance by allotting $1.5 billion, announced President Obama last week.
Having the Treasury Department run the program doesn't make sense because Treasury doesn't have any housing expertise", says Democratic Congresswoman Marcy Kaptur of Ohio. She added that the program might be doomed to failure.
Democratic U.S. Rep. Dennis Kucinich, chair of the House Oversight and Government Reform subcommittee on domestic policy is yet another skeptic on the program. He told Treasury representatives that they are going to have to do more and this is a wake-up call.



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