To amend the Emergency Economic Stabilization Act of 2008 to terminate the authority of the Secretary of the Treasury to provide new assistance under the Home Affordable Modification Program, while preserving assistance to homeowners who were already extended an offer to participate in the Program, either on a trial or permanent basis.
HAMP Termination Act of 2011 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to terminate the authority of the Secretary of the Treasury to provide new mortgage modification assistance under the Home Affordable Modification Program (HAMP), except with respect to existing obligations on behalf of homeowners already extended an offer to participate in the program.
Declares unavailable after the enactment of this Act for obligation or expenditure under HAMP any amounts made available for HAMP under EESA title I that: (1) have been allocated for use but not yet obligated, and (2) are not necessary for providing HAMP assistance on behalf of those homeowners already extended an offer to participate in HAMP. Urges that such amounts be covered into the General Fund of the Treasury for use only in reducing the budget deficit of the federal government.
Directs the Secretary to study: (1) the extent to which HAMP is used by homeowners who are active duty members of the Armed Forces (or their spouses or parents), veterans, or Gold Star-eligible widows, parents, or next of kin of Armed Forces members who died in military operations; and (2) the impact of the program on them.
Requires the Secretary to publish on the departmental website a statement as to: (1) termination of HAMP; and (2) the availability of a Member of Congress to assist any borrower having trouble paying a mortgage and needing help contacting the borrower's lender or servicer to negotiate or acquire a loan modification. Requires the Secretary to give notice of this information to each individual who applied for HAMP and will not be considered for a mortgage modification because of the program's termination.
Declares that Congress encourages banks to work with homeowners to: (1) provide loan modifications to those that are eligible, and (2) assist them as well as prospective homeowners with foreclosure prevention programs and information on loan modifications.
Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 398.
Referred to the Subcommittee on Health.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
DEBATE - Pursuant to the provisions of H.Res. 170, the Committee of the Whole proceeded with ten minutes of debate on the Loretta Sanchez amendment.
Mrs. Biggert moved that the committee rise.
On motion that the committee rise Agreed to by voice vote.
Committee of the Whole House on the state of the Union rises leaving H.R. 839 as unfinished business.
Considered as unfinished business. (consideration: CR H2018-2022)
House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 170 and Rule XVIII.
The Speaker designated the Honorable Ted Poe to act as Chairman of the Committee.
UNFINISHED BUSINESS - The Chair announced that the unfinished business was the question of adoption of amendments which had been debated earlier and on which further proceedings had been postponed.
The House rose from the Committee of the Whole House on the state of the Union to report H.R. 839.
The previous question was ordered pursuant to the rule. (consideration: CR H2020)
The House adopted the amendment in the nature of a substitute as agreed to by the Committee of the Whole House on the state of the Union. (text: CR H2003)
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Motion to reconsider laid on the table Agreed to without objection.
Mr. Larsen (WA) moved to recommit with instructions to Financial Services. (consideration: CR H2020-2022; text: CR H2020)
DEBATE - The House proceeded with 10 minutes of debate on the Larsen (WA) motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment which adds a new paragraph entitled "CONTINUATION OF PROGRAM FOR MEMBERS OF THE ARMED FORCES AND GOLD STAR RECIPIENTS".
The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H2021)
On motion to recommit with instructions Failed by the Yeas and Nays: 185 - 238, 1 Present (Roll no. 197).
Roll Call #197 (House)Passed/agreed to in House: On passage Passed by recorded vote: 252 - 170, 1 Present (Roll no. 198).
Roll Call #198 (House)On passage Passed by recorded vote: 252 - 170, 1 Present (Roll no. 198).
Roll Call #198 (House)Motion to reconsider laid on the table Agreed to without objection.
The Clerk was authorized to correct section numbers, punctuation, and cross references, and to make other necessary technical and conforming corrections in the engrossment of H.R. 839 as may be necessary to reflect the actions of the House in amending the bill, to include striking "paragraph (1)" on page 5, line 16, and inserting in lieu thereof "subparagraph (A)".
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.