Posted on 07/21/2010 10:23:08 AM PDT by tobyhill
Government watchdogs are telling a Senate panel that the Obama administration's multibillion effort to help at-risk homeowners avoid foreclosure is not working and could put the economic recovery at risk.
Special inspector general for the financial bailouts Neil Barofsky said Wednesday that the program has not "put an appreciable dent in foreclosure filings," during a hearing on the $700 billion bank bailout before the Senate Finance Committee. He also said the Treasury Department has ignored earlier demands that it set clearer goals for the program.
Elizabeth Warren, who chairs a separate Congressional Oversight Panel on the bailouts, said Treasury's failure to act more quickly could be hurting the recovery.
More foreclosures could force down the price of homes and further hurt the already-ailing housing industry.
(Excerpt) Read more at foxnews.com ...
The list, ping
I am sure the MSM is looking at this story as more vindication Fox needs to be shut down. This is not news to be reported under the current MSM template.
Well if the home owner was in over his/her head when they first bought the property, it is safe to assume they are still in over their heads. Then you add in the fact that many are now unemployed and as a result they are even MORE in over their heads. Then you take the people who bought within their means and MAKE THEM UNEMPLOYED BECAUSE OF THE STUPIDITY OF THIS ADMINISTRATION, well you can figure out the rest. In a nut shell, we are in deep do-do. And guess what, the housing market is TO BIG TO PROP UP.
Hey guys, what the Fox News story does not mention is this other blurb from Reuters correspondent David Lawder concerning the same report by the TARP Inspector General Barofsky. In Lawder’s report there is a blurb that mentions Federal money for the financial system increasing to $3.7 Trillion and that the Inspector Barofsky’s report says that is “ the equivalent of a fully deployed TARP program”.
You mean to tell me that TARP is not really $800 Billion, but $3.7 Trillion? I pose the question, did ol’ Barry and his pal li’l Timmy grab almost 5 times more than the $800B that we were told?
Oops, forgot the link to Reuters David Lawder report:
http://www.reuters.com/article/idUSN2010140720100721
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