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Tuesday, March 29, 2011

Presidency Opposes House Stand on Home Modification Program, Posted by Meosha Eaton

By Williams Ekanem, Capitol Hill Correspondent for MACTV News

The Executive Office of the President says it strongly oppose the House of Representative passage of H.R 839-HAMP Termination act which would eliminate the Department of Treasury’s Home Affordable Modification Program (HAMP).

According to the statement of administration policy the program offers eligible homeowners an opportunity to lower their mortgage payments, helping individuals avoid foreclosure and leading to the protection of home values and the preservation of homeownership.

A statement dated March 29, 2011 made available to My Africa Channel Television stated that the Administration is committed to helping struggling American homeowners stay in their homes, and has taken many steps over the last two years to stabilize what was a rapidly-declining housing market.

“As tens of thousands of responsible American homeowners struggling with their mortgages receive permanent assistance each month from HAMP, the Administration believes that continuation of HAMP is important to the Nation’s sustained economic recovery.”
Accordingly, the statement indicated that , “if the President is presented with H.R. 839, his senior advisors would recommend that he veto the bill.”

Representative McHenry, R-NC sponsored the bill and is supported by eight cosponsors.

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