Occupy Treasury: HAMP'd
Why has the administration’s flagship foreclosure prevention program been so ineffective in helping struggling homeowners get loan modifications and stay in their homes? One reason: The government’s supervision of the program has apparently ranged from nonexistent to weak.
[. . .] “For two years, they’ve known how abysmal servicers were performing, and decided to do nothing,” said Neil Barofsky, the former special inspector general for the Troubled Asset Relief Program, better known as TARP or the bank bailout, which provided the money for HAMP. “It demonstrates that if you have a set of rules for which compliance is completely voluntary and no meaningful consequences for those who violate them, having all the audits and reviews in the world are not going to make a bit of difference,” he continued. “It’s why the program has been a colossal failure.”
Remember, this was the Obama Administration's major initiative to address the homeowners crisis in America. Geithner is an incompetent scoundrel. If Obama loses next year, it will be because of Tim Geithner.
Speaking for me only
|< Obama Press Secretary Questioned On Occupy Wall Street | Amanda Knox: Plane Lands in Seattle >|