On the House floor today, Republicans are rallying behind the HAMP Termination Act. Eliminating HAMP (The Home Affordable Modification Program) will deeply and directly affect middle class homeowners who are already in trouble.
Meanwhile, the left is making the case for keeping homes affordable—a critical element of American families feeling secure in this unstable job market.
As one Congresswoman puts it:
“[The Republicans] have no plans of their own to address the foreclosure crisis that is hurting neighborhoods and disrupting lives throughout their country. Like the jobs bills they said they would have. We have yet to see them.”
--Rep. Carolyn Maloney (D-NY)
But the solution offered by a GOP Rep. today was simply: “Stop talking about jobs.”
In other words, Rep. Judy Biggert (R-IL) is saying that her Democratic colleagues should stop whining that her party hasn’t created any jobs (like they promised) and instead should be voting to end this crucial housing solution.
Remember, 7 million families have lost their homes since the housing bubble burst and 3 million more are expected to lose their homes within the next year.
And if that's not motivation enough, just look at these facts behind the current success of HAMP:
- Over 600,000 homeowners across the country have received a permanent HAMP modification.
- Those funds to homeowners have allowed for reduction on mortgage payments by an average of more than $500 or 37 percent per month.
- Tens of thousands of additional homeowners receive assistance from the program every month.
- For many struggling homeowners, HAMP offers the most affordable and sustainable assistance available.
Check out some other sobering foreclosure photos and stats on this HuffPo slideshow.