Congress and the President Should End HAMP According to Latest ABI Quick Poll
Congress and the President Should End HAMP According to Latest ABI Quick Poll
Contact: John Hartgen
703-894-5935
[email protected]
CONGRESS AND THE PRESIDENT SHOULD END HAMP, ACCORDING TO LATEST ABI QUICK POLL
May 11, 2011, Alexandria, Va.— A majority of
respondents (65 percent) in a recent American Bankruptcy Institute Quick
Poll thought that Congress and President Obama should end rather than
mend the Home Affordable Modification Program (HAMP). Fifty percent
'strongly agreed' and 15 percent somewhat agreed that HAMP should be
terminated rather than modified.
In an effort to help struggling homeowners achieve mortgage
modifications on their underwater homes, the Obama Administration
created HAMP in the spring of 2009 with the goal of helping 3-4 million
homeowners receive more sustainable mortgage loans. However, only about
670,000 permanent mortgage modifications to date have been started under
the plan. HAMP modifications are not holding up well either as many
trial modifications lapse into redefault. As the plan has repeatedly
missed its targets, HAMP has come under fire on Capitol Hill, with House
lawmakers voting earlier this year to end the HAMP program. Meanwhile,
more than 6 million homes have been lost in foreclosure.
Thirty percent of respondents did not think that Congress and the
President should end HAMP. Three percent did not know or had no opinion
on the poll question.
ABI’s Quick Poll is posted on ABI’s home page, www.abiworld.org. ABI members and
the public are invited to respond to a question on a timely bankruptcy
or insolvency issue. Visit http://www.abiworld.net/quickpoll/
to access the results of previous ABI Quick Polls.
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