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« Chris Whalen: Devaluation And Default Will Be Dominant Banking Themes Of 2011 | Main | 41 Facts On The History Of U.S. Central Banking »

TARP COP: Geithner's Treasury Effort (HAMP) To Help Troubled Borrowers Was A MASSIVE Failure

Read the full report here...


WASHINGTON (MarketWatch) — A $30 billion Obama administration program set up to help troubled homeowners modify mortgages has failed to help the vast majority of homeowners facing foreclosure, a congressional watchdog said Tuesday.

Specifically, the program is expected to prevent roughly 800,000 foreclosures -- significantly less than the 3 to 4 million foreclosures that the White House aimed to stop, and vastly fewer than the 8 to 13 million foreclosures expected by 2012, the Congressional Oversight Panel for the government’s much-maligned $700 billion bailout package said in a report about foreclosures.

“Treasury has tweaked its main foreclosure prevention effort, the Home Affordable Modification Program (HAMP), but the changes have not resolved the panel’s core concerns,” the panel said.

The report comes as Treasury Secretary Timothy Geithner is set to testify before the panel on Thursday about the bailout package, known as the Troubled Asset Relief Program. Geithner is expected to be grilled with questions about the government’s mortgage modification program and the $50 billion in TARP funds it allocated for foreclosure prevention.

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Video - TARP COP Ted Kaufman delivers the December report


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Reader Comments (5)


Effort to help troubled borrowers largely failed: panel
Treasury likely to use only $4 billion on mortgage modifications
Dec 14, 2010 at 2:49 PM | Registered CommenterDailyBail
Will Devaluation and Default be the Themes for 2011?

Dec 14, 2010 at 2:49 PM | Registered CommenterDailyBail
As the wealthy Bilderberg elite take more bread away from the poor, Rome is burning. The government is the Bilderberg elite’s first line of defense and that line carries a very big stick, tear gas and a brainwashed army willing to beat the hell out anyone brave enough to make a stand. With a Starbucks at every intersection and a McDonalds across the street, the stupid American remains fat, dumb and happy as their brains bleed only from their clinging bones to socialism and corruption. The FEMA camps are ready if that sentiment is ever to change. The reeducation camps of old are now where America’s young goes for their “higher education”. Brainwashing the young in the liberal stench leaves them dazed and confused. They fear sharp tongues like mine. They fear that their hollow message will look even more naked and vacant alongside my words. From hollow to hallow, the liberal fights even harder and is not willing to go. The bloodsport is when they protect their own sacred ground by hiding the truth and hiding reality. Keeping their message inside a box is why they can’t get outside of the box.
Dec 14, 2010 at 4:50 PM | Unregistered CommenterCold Snap
That picture with the headline... too funny! Ya know, I'm just gonna be happy. I don't see what could go wrong from here.
Dec 14, 2010 at 5:40 PM | Unregistered CommenterG Street
@g street...thanks...i spend way too much time searching for photos sometimes...
Dec 14, 2010 at 11:52 PM | Registered CommenterDailyBail

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