Academic

HUFFPO: Federal Auditor Says Obama?s Anti-Foreclosure Effort Risks ?Generating Public Anger And Mis?

By Glenn Reynolds

HUFFPO: Federal Auditor Says Obama’s Anti-Foreclosure Effort Risks ‘Generating Public Anger And Mistrust’.

The Obama administration’s signature anti-foreclosure effort, unveiled in 2009 with the promise of helping three to four million homeowners modify their mortgages, is such a failure that it now risks “generating public anger and mistrust,” according to a federal audit released Monday.

Far from helping at-risk homeowners, the Home Affordable Modification Program has actually made some homeowners worse off, according to the Special Inspector General for the Troubled Asset Relief Program — also known as the Wall Street bailout. The Treasury Department set aside $50 billion from TARP, plus another $25 billion from taxpayer-owned Fannie Mae and Freddie Mac, to give mortgage servicers thousand-dollar incentives to reduce monthly mortgage payments by modifying eligible homeowners’ loans. But more people have been bounced from the program than have been helped by it.

Well, this is less of a surprise to some of us than to others.

Full post as published by Instapundit.com on October 26, 2010 (boomark / email).