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. 
Be it enacted by the Senate and House of Representa-
tives 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 finan-
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cially struggling homeowners avoid foreclosure by 
modifying loans to a level that is affordable for bor-
rowers now and sustainable over the long term’’; 
(2) only 504,648 active permanent mortgage 
modifications were made under HAMP as of Decem-
ber 2010, according to Treasury statistics; 
(3) at that time, the number of mortgage modi-
fications 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 pay-
ments—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 Sec-
retary of the Treasury (in this Act referred to as the ‘‘Sec-
retary’’) may not provide any assistance under the Home 
Affordable Modification Program under the Making Home 
Affordable initiative of the Secretary, authorized under the 
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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 perma-
nent basis. 
(b) TERMINATION OF SERVICER CONTRACTS.—Not-
withstanding 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 Modifica-
tion Program under the Making Home Affordable Initia-
tive 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, pursu-
ant 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.—Notwith-
standing 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 Treas-
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ury 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 obli-
gated 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. 
Æ 
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