Senate Banking Committee Focuses On HAMP

July 17, 2009 - by John Clapp - Mortgage Orb

As a precursor to the July 28 meeting scheduled between Treasury officials and servicers participating in the government's Home Affordable Modification Program (HAMP), the Senate Banking Committee held a hearing Thursday morning in an effort to help lawmakers gauge HAMP’s progress - or lack thereof - since its introduction in February.

The hearing - which included testimonies from the Treasury, as well as Wells Fargo and Bank of America servicing execs - highlighted the program’s administrative obstacles and shortcomings. In recent weeks, lawmakers have increasingly expressed concern that HAMP, originally projected to save up to 4 million homes, is both underperforming and being implemented too slowly.

“We've got to get this out sooner, quicker, faster, more expeditiously,” said Sen. Mark Warner, D-Va. more ...