I 

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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘HAMP Repeal and 

5 Deficit Reduction Act of 2011’’. 

6 SEC. 2. CONGRESSIONAL FINDINGS. 

7 The Congress finds that— 

8 (1) the Department of the Treasury designed 

9 the Home Affordable Modification Program 

10 (HAMP) to ‘‘help as many as 3 to 4 million finanVerDate Mar 15 2010 03:33 Feb 02, 2011 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H430.IH H430

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•HR 430 IH

1 cially struggling homeowners avoid foreclosure by 

2 modifying loans to a level that is affordable for bor3 rowers now and sustainable over the long term’’; 

4 (2) only 504,648 active permanent mortgage 

5 modifications were made under HAMP as of Decem6 ber 2010, according to Treasury statistics; 

7 (3) at that time, the number of mortgage modi8 fications canceled under HAMP (774,081) exceeded 

9 the number of modifications made permanent by a 

10 3:2 ratio; 

11 (4) many homeowners whose modifications were 

12 canceled suffered because they made futile pay13 ments—some were even forced into foreclosure as a 

14 result; 

15 (5) approximately $30 billion was allocated by 

16 Treasury to HAMP as of September 2010; and 

17 (6) the HAMP is a failure. 

18 SEC. 3. TERMINATION. 

19 (a) TERMINATION OF AUTHORITY TO PROVIDE NEW

20 ASSISTANCE.—Notwithstanding any other provision of 

21 law, after the date of the enactment of this Act the Sec22 retary of the Treasury (in this Act referred to as the ‘‘Sec23 retary’’) may not provide any assistance under the Home 

24 Affordable Modification Program under the Making Home 

25 Affordable initiative of the Secretary, authorized under the 


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•HR 430 IH

1 Emergency Economic Stabilization Act of 2008 (Public 

2 Law 110–343), on behalf of any homeowner, unless before 

3 such date of enactment such homeowner was extended an 

4 offer to participate in such Program on a trial or perma5 nent basis. 

6 (b) TERMINATION OF SERVICER CONTRACTS.—Not7 withstanding any other provision of law, effective upon the 

8 date of the enactment of this Act, all contracts entered 

9 into between the Secretary of the Treasury and mortgage 

10 servicers for carrying out the Home Affordable Modifica11 tion Program under the Making Home Affordable Initia12 tive of the Secretary shall be null and void, except to the 

13 extent necessary to carry out the provision of assistance 

14 under such Program on behalf of homeowners who, pursu15 ant to subsection (a), may be provided assistance after the 

16 date of the enactment of this Act. 

17 SEC. 4. DEBT REDUCTION. 

18 (a) USE OF UNOBLIGATED FUNDS.—Notwith19 standing any other provision of law, the amounts described 

20 in subsection (b) shall not be available after the date of 

21 the enactment of this Act for obligation or expenditure 

22 under the Home Affordable Modification Program under 

23 the Making Home Affordable Initiative of the Secretary, 

24 but shall be covered into the General Fund of the TreasVerDate Mar 15 2010 03:33 Feb 02, 2011 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H430.IH H430

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1 ury and shall be used only for reducing the debt of the 

2 Federal Government. 

3 (b) IDENTIFICATION OF UNOBLIGATED FUNDS.— 

4 The amounts described in this subsection are any amounts 

5 made available under title I of the Emergency Economic 

6 Stabilization Act or pursuant to the amendments made by 

7 section 1117 of the Housing and Economic Recovery Act 

8 of 2008 (Public Law 110–289; 122 Stat. 2683), that— 

9 (1) have been allocated for use, but not yet obli10 gated as of the date of the enactment of this Act, 

11 under the Home Affordable Modification Program 

12 under the Making Home Affordable initiative of the 

13 Secretary; and 

14 (2) are not necessary for providing assistance 

15 under such Program on behalf of homeowners who, 

16 pursuant to section 3(a), may be provided assistance 

17 after the date of the enactment of this Act. 

Æ 


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