March 9, 2011 – (RealEstateRama) — Today, U.S. Senators Jim DeMint (R-South Carolina) and Bob Corker (R-Tennessee), both members of the Senate Banking Committee, and Tom Coburn, M.D. (R-Oklahoma), a member of the Senate Finance Committee, introduced legislation to end the Housing Affordable Modification Program (HAMP).The program was intended to help over 7 million homeowners modify their mortgages to avoid foreclosure. Instead, HAMP has only permanently modified just over half a million loans while leaving thousands Americans worse off. A record 2.9 million homes were foreclosed on in 2010 with a projected 20% increase expected in 2011. In contrast, the Financial Services Roundtable reports that the private sector has completed nearly 9.8 million mortgage modifications since 2007, and over 1.2 million in 2010 alone.
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