H.R. 839 (112th): HAMP Termination Act of 2011

Introduced:
Feb 28, 2011 (112th Congress, 2011–2013)
Sponsor:
Rep. Patrick McHenry [R-NC10]
Status:
Died (Passed House)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced in a previous session of Congress and was passed by the House on March 29, 2011 but was never passed by the Senate.

Progress
Introduced Feb 28, 2011
Referred to Committee Feb 28, 2011
Reported by Committee Mar 09, 2011
Passed House Mar 29, 2011
Votes

On Agreeing to the Amendment: Amendment 1 to H R 839
Mar 29, 2011 6:58 p.m.
Agreed to 247/170

On Agreeing to the Amendment: Amendment 6 to H R 839
Mar 29, 2011 7:03 p.m.
Failed 182/239

On Agreeing to the Amendment: Amendment 8 to H R 839
Mar 29, 2011 7:09 p.m.
Failed 173/249

On Motion to Recommit with Instructions: H R 839 The HAMP Termination Act of 2011
Mar 29, 2011 7:38 p.m.
Failed 185/238

House Vote on Passage
Mar 29, 2011 7:45 p.m.
Passed 252/170

Cosponsors
8 cosponsors (8R) (show)
Committees

House Financial Services

Senate Banking, Housing, and Urban Affairs

The committee chair determines whether a bill will move past the committee stage.

Full Title

To amend the Emergency Economic Stabilization Act of 2008 to terminate the authority of the Secretary of the Treasury to provide new assistance under the Home Affordable Modification Program, while preserving assistance to homeowners who were already extended an offer to participate in the Program, either on a trial or permanent basis.

Summary

No summaries available.

Text

Read Bill Text »

Last updated Mar 30, 2011.
8 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

3/11/2011--Passed House amended.
HAMP Termination Act of 2011 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to terminate the authority of the Secretary of the Treasury to provide new mortgage modification assistance under the Home Affordable Modification Program (HAMP), except with respect to existing obligations on behalf of homeowners already extended an offer to participate in the program.
Declares unavailable after the enactment of this Act for obligation or expenditure under HAMP any amounts made available for HAMP under EESA title I that:
(1) have been allocated for use but not yet obligated, and
(2) are not necessary for providing HAMP assistance on behalf of those homeowners already extended an offer to participate in HAMP. Urges that such amounts be covered into the General Fund of the Treasury for use only in reducing the budget deficit of the federal government.
Directs the Secretary to study:
(1) the extent to which HAMP is used by homeowners who are active duty members of the Armed Forces (or their spouses or parents), veterans, or Gold Star-eligible widows, parents, or next of kin of Armed Forces members who died in military operations; and
(2) the impact of the program on them.
Requires the Secretary to publish on the departmental website a statement as to:
(1) termination of HAMP; and
(2) the availability of a Member of Congress to assist any borrower having trouble paying a mortgage and needing help contacting the borrower's lender or servicer to negotiate or acquire a loan modification.
Requires the Secretary to give notice of this information to each individual who applied for HAMP and will not be considered for a mortgage modification because of the program's termination.
Declares that Congress encourages banks to work with homeowners to:
(1) provide loan modifications to those that are eligible, and
(2) assist them as well as prospective homeowners with foreclosure prevention programs and information on loan modifications.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.

This summary can be found at http://www.gop.gov/bill/112/1/hr839.

Background

The Home Affordable Modification Program (HAMP), part of President Obama’s “Making Home Affordable” (MHA) initiative, has been singled out for slow uptake and the Treasury Department’s failure to set and monitor metrics for the program’s success.  The Treasury Department has obligated $29.9 billion of TARP funding to pay servicer, borrower, and investor incentives under HAMP.   As of December 2010, a total of 522,000 permanent modifications were in place under HAMP at a cost of approximately $1.0 billion.  Successive SIGTARP quarterly reports, in addition to reports from the Congressional Oversight Panel and the Government Accountability Office, have been particularly critical of the Program.

Summary

The legislation would amend the Emergency Economic Stabilization Act of 2008 (aka “TARP”) to terminate the authority of the Secretary of the Treasury to provide new mortgage modification assistance under the Home Affordable Modification Program (HAMP), except with respect to existing obligations on behalf of homeowners already extended an offer to participate in the program.

The legislation would also direct the Secretary to conduct a study to determine the extent of use of HAMP by members of the Armed Forces, Veterans, and Gold Star recipients.

Lastly, the legislation would also direct the Secretary of the Treasury to post a cancellation notice of the Home Affordable Modification Program on its website and encourage struggling homeowners to contact their Member of Congress.

Cost

The Congressional Budget Office (CBO) estimates that the legislation would decrease federal budget deficits by $1.4 billion over the FY2011-2021 period.

House Democratic Caucus Summary

The House Democratic Caucus does not provide summaries of bills.

So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

We’ll be looking for a source of summaries from the other side in the meanwhile.

The bill contains the following citations to other parts of U.S. law:

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)