Neil Barofsky, the special inspector general over the Troubled Asset Relief Program (TARP), appointed by President Obama, harshly critisized the Obama administration yesterday telling them their main housing program "continues to struggle" and that the number of permanent loan modifications under the program is "anemic." This, after pumping $30 billion into the Home Affordable Mortgage program which the administration touted would help 3-4 million homeowners.
To date, 398,000 homeowners have received permanent mortgage modification, or approximately 12 percent of eligible delinquent homeowners.
In addition, 521,000 homeowners who were on the trial program were inexplicably dropped after 9 months and face foreclosure.
"Treasury's refusal to provide meaningful goals for this important program is a fundamental failure of transparency and accountability that makes it far more difficult for the American people and their representatives in Congress to assess whether the program's benefits are worth its very substantial cost," the report reads.
Once again we are seeing this administration treat TARP like its own personal slush-fund which is a complete betrayal of what the American people were told when the plan was initiated to bail out Wall Street firms.
Indeed, these are VERY substantial costs which, once again, are being pushed onto our children and grandchildren leaving them with what will be insurmountable debt.
-Rick
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