Us Personal Loans

Rep. Spencer Bachus (R-Ala.) has called on House Financial Services Chairman Barney Frank (D-Mass.) to convene a hearing in September on whether Fannie Mae executives improperly implemented the Home Affordable Modification Program (HAMP) in order to benefit from incentive payments offered by the Treasury Department.

Bachus is the Committee’s ranking member and in an August 6 letter to Frank said he was concerned by reports that Fannie Mae executive allegedly pushed as many borrowers as possible into short-term trial modifications to receive incentive payments from the Treasury.

“These allegations are of particular concern, not only because taxpayers have invested more than $85 billion in Fannie Mae to offset its losses, but also because it is being reported that the [Obama] administration might order the government-controlled mortgage finance company to forgive many Americans’ mortgage debts later this month,” the letter states.

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