March 30, 2011
The House Tuesday voted to eliminate the last of four Obama administration housing programs, in an effectively symbolic vote to end the controversial Home Affordable Modification Program.
The loan program launched at the beginning of Barack Obama‚Äôs presidency was designed to aid millions of underwater homeowners. But since its launch, HAMP was dogged by inefficiencies, drawing harsh criticism from even the most ardent assistance supporters, including Democrats and members of the Congressional Black Caucus. The independent watchdogs charged with overseeing the program criticized it.
But even with House approval on a 252-170 vote, the legislation to pull the plug on the program likely will fail in the Senate and the White House already has said Obama would veto the bill if it were to reach his desk.