Republicans take aim at HAMP

4 bills targeting foreclosure programs could see House vote

The House Financial Services Committee will vote this week on four related bills that would terminate the Home Affordable Modification Program and three other government programs aimed at preventing foreclosures or mitigating their impacts.

Committee Chairman Rep. Spencer Bachus, R-Ala., has characterized the targeted programs — which also include the FHA short refinance program for underwater homeowners and the Department of Housing and Urban Development’s Neighborhood Stabilization Program — as "failed and ineffective."

A subcommittee hearing on the bills is scheduled for Wednesday, followed by a markup session and vote by the full committee on Thursday.