[Congressional Record Volume 157, Number 44 (Wednesday, March 30, 2011)]
[Extensions of Remarks]
[Page E564]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


                    THE HAMP TERMINATION ACT OF 2011

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                               speech of

                           HON. ERIC CANTOR-

                              of virginia

                    in the house of representatives

                        Tuesday, March 29, 2011

       The House in Committee of the Whole House on the State of 
     the Union had under consideration the bill (H.R. 839) 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:

  Mr. CANTOR. Mr. Chair, last November, voters sent an unambiguous 
message in opposition to the surge in government spending.
  Today, House Republicans are fighting to provide a surge protector.
  In three short months, we have changed the conversation in Washington 
from increasing spending to cutting spending and by how much. We have 
made significant strides toward returning spending to more reasonable 
2008 levels, and we are taking the scalpel to excessive regulation that 
is smothering the economy.
  By lifting the ominous fiscal cloud that hangs over our businesses 
and job creators, we are laying the foundation for lasting growth.
  Today, through our YouCut program, the American public has put 
another wasteful spending initiative on the chopping block.
  In February 2009, the administration earmarked $30 billion in TARP 
money to implement the Home Affordable Modification Program. This 
effort was intended to fight foreclosure and strengthen the housing 
market, but to quote the non-partisan Inspector General, it ``continues 
to fall dramatically short of any meaningful standard of success.''
  HAMP was meant to help 4 million homeowners; yet only 521,630 loans 
have been modified under the program. To add insult to injury, HAMP 
suffers from high re-default rates and has left many borrowers worse 
off.
  This legislation would save taxpayers up to $29 billion by preventing 
the government from providing any new assistance under HAMP. It is a 
common sense way to put an end to the culture of waste we have been 
working to eradicate in Washington. I urge my colleagues to vote in 
favor.

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