Wednesday, April 21, 2010

IG Report: Obama Homeowner Bailout Program a Bust - HUMAN EVENTS

IG Report: Obama Homeowner Bailout Program a Bust - HUMAN EVENTS: "The $75 billion HAMP program was created with a promise to bailout 3 to 4 million homeowners in foreclosure, paying lenders to modify troubled mortgages. Foreclosures reached 2.8 million in 2009 and are on track to exceed that total with over 932,000 foreclosures filed in the first three months of 2010, the report found.

The inspector general found the program “has made very little progress in stemming this onslaught” in a year with only 230,000 loans permanently modified."

Well, it's only...75 BILLION DOLLARS.


Anonymous said...

Where is the money going? $75 billion is more than enough to have outright purchased the 230,000 loans.

DBX said...

Probably the rules of engagement were drawn up so strictly by "moderates" in Congress as the price for their votes, that a) hardly anyone is eligible and b) those that are eligible have to jump through so many hoops that by the time they get the money it's too late.