summary
Introduced
In Committee
Crossed Over
Passed
Dead
Introduced Session
112th Congress
Bill Summary
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.
AI Summary
This bill, the HAMP Termination Act of 2011, amends the Emergency Economic Stabilization Act of 2008 (EESA) to end the Secretary of the Treasury's ability to offer new mortgage modifications through the Home Affordable Modification Program (HAMP), a program designed to help struggling homeowners avoid foreclosure. However, it ensures that any homeowner who had already received an offer to participate in HAMP, whether for a trial or permanent modification, will still receive that assistance. The bill also redirects any unspent HAMP funds, after accounting for existing obligations, to the General Fund of the Treasury to reduce the federal deficit. Additionally, it mandates a study on how HAMP has been used by and impacted active-duty military members, veterans, and Gold Star families, and requires the Secretary to publish a notice on the Treasury's website announcing HAMP's termination and informing applicants who will no longer be considered for modifications that they can contact their Member of Congress for assistance in dealing with their lenders. Finally, Congress encourages banks to continue working with homeowners on loan modifications and foreclosure prevention.
Committee Categories
Business and Industry, Housing and Urban Affairs
Sponsors (9)
Patrick McHenry (R)*,
Spencer Bachus (R),
Judy Biggert (R),
Shelley Moore Capito (R),
Mike Coffman (R),
Scott Garrett (R),
Michael Grimm (R),
Jeb Hensarling (R),
Randy Neugebauer (R),
Last Action
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 03/30/2011)
Official Document
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