Congresswoman Matsui Offers Amendment to H.R. 839, HAMP Termination Act

FOR IMMEDIATE RELEASE
Tuesday, March 29, 2011

CONTACT: MARA LEE
(202) 225-7163

Congresswoman Matsui Offers Amendment to H.R. 839, HAMP Termination Act
Matsui Amendment Would Maintain Reporting Requirement, Keep Public Informed

Today, Congresswoman Doris O. Matsui (D-CA) offered an amendment to H.R. 839, the HAMP Termination Act of 2011. H.R. 839 would terminate the Home Affordable Modification Program (HAMP) under the Treasury Department, which provides mortgage modification assistance to struggling homeowners. Congresswoman Matsui is opposed to the termination of HAMP because of the negative impact this will have for Sacramento families who have been affected by the housing crisis. To date, over 9,000 Sacramento-area households have benefited from the HAMP program. The Matsui Amendment would serve to maintain and expand a key reporting requirement for mortgage lenders who participated in HAMP regarding the number of loan modification applications received and approved by each institution.

Three years since the housing crisis began, I still hear from and meet with individuals who are facing foreclosure, said Congresswoman Matsui. HAMP is a last resort for many of these people, and I believe that ending the program now is both unwise and unfair. But despite the differences of opinions in Congress on the program as whole, we should all be able to agree that the provision that requires banks who received HAMP funds to report the number of loan modification applications they receive and approve, is valuable. My amendment to H.R. 839 would keep this important provision in place, and continue to protect consumers by improving the transparency of our financial institutions.

The reporting provision was first put in place by an amendment offered by Congresswoman Matsui to the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was included and signed into law last summer. As a result of its inclusion, it is now public knowledge that 2.5 million Americans have applied to the HAMP program, and that well over 600,000 of those applicants began permanent modifications. Without such information, it will be more difficult to adequately evaluate and address the nation's housing crisis in the years to come.
My amendment to the HAMP Termination Act of 2011 would ensure that banks publish the amount of loan modifications they receive and approve on their websites so that is easily accessible to the public. This information can help our nation judge whether banks are processing the loan modification applications in good faith, and provides valuable bank-specific date for consumers.

For a video of Congresswoman Matsui speaking on the House floor in opposition to H.R. 839 as a whole, but in support of her amendment to keep the reporting system in place, please click here.

# # #