[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 430 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 430

To terminate the Home Affordable Modification Program of the Department 
                            of the Treasury.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 25, 2011

  Mr. Jordan (for himself, Mr. Issa, and Mr. McHenry) introduced the 
   following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
To terminate the Home Affordable Modification Program of the Department 
                            of the Treasury.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``HAMP Repeal and Deficit Reduction 
Act of 2011''.

SEC. 2. CONGRESSIONAL FINDINGS.

    The Congress finds that--
            (1) the Department of the Treasury designed the Home 
        Affordable Modification Program (HAMP) to ``help as many as 3 
        to 4 million financially struggling homeowners avoid 
        foreclosure by modifying loans to a level that is affordable 
        for borrowers now and sustainable over the long term'';
            (2) only 504,648 active permanent mortgage modifications 
        were made under HAMP as of December 2010, according to Treasury 
        statistics;
            (3) at that time, the number of mortgage modifications 
        canceled under HAMP (774,081) exceeded the number of 
        modifications made permanent by a 3:2 ratio;
            (4) many homeowners whose modifications were canceled 
        suffered because they made futile payments--some were even 
        forced into foreclosure as a result;
            (5) approximately $30 billion was allocated by Treasury to 
        HAMP as of September 2010; and
            (6) the HAMP is a failure.

SEC. 3. TERMINATION.

    (a) Termination of Authority To Provide New Assistance.--
Notwithstanding any other provision of law, after the date of the 
enactment of this Act the Secretary of the Treasury (in this Act 
referred to as the ``Secretary'') may not provide any assistance under 
the Home Affordable Modification Program under the Making Home 
Affordable initiative of the Secretary, authorized under the Emergency 
Economic Stabilization Act of 2008 (Public Law 110-343), on behalf of 
any homeowner, unless before such date of enactment such homeowner was 
extended an offer to participate in such Program on a trial or 
permanent basis.
    (b) Termination of Servicer Contracts.--Notwithstanding any other 
provision of law, effective upon the date of the enactment of this Act, 
all contracts entered into between the Secretary of the Treasury and 
mortgage servicers for carrying out the Home Affordable Modification 
Program under the Making Home Affordable Initiative of the Secretary 
shall be null and void, except to the extent necessary to carry out the 
provision of assistance under such Program on behalf of homeowners who, 
pursuant to subsection (a), may be provided assistance after the date 
of the enactment of this Act.

SEC. 4. DEBT REDUCTION.

    (a) Use of Unobligated Funds.--Notwithstanding any other provision 
of law, the amounts described in subsection (b) shall not be available 
after the date of the enactment of this Act for obligation or 
expenditure under the Home Affordable Modification Program under the 
Making Home Affordable Initiative of the Secretary, but shall be 
covered into the General Fund of the Treasury and shall be used only 
for reducing the debt of the Federal Government.
    (b) Identification of Unobligated Funds.--The amounts described in 
this subsection are any amounts made available under title I of the 
Emergency Economic Stabilization Act or pursuant to the amendments made 
by section 1117 of the Housing and Economic Recovery Act of 2008 
(Public Law 110-289; 122 Stat. 2683), that--
            (1) have been allocated for use, but not yet obligated as 
        of the date of the enactment of this Act, under the Home 
        Affordable Modification Program under the Making Home 
        Affordable initiative of the Secretary; and
            (2) are not necessary for providing assistance under such 
        Program on behalf of homeowners who, pursuant to section 3(a), 
        may be provided assistance after the date of the enactment of 
        this Act.
                                 <all>