March 24th, 2010
05:47 AM ET
5 years ago

TARP watchdog slams Obama foreclosure program

New York (CNNMoney.com) - President Obama's foreclosure prevention program will likely fall far short of its goal and may even do more harm than good, a government watchdog said Tuesday.

The Special Inspector General for the Troubled Asset Relief Program said the Treasury Department set targets that weren't "meaningful," mismanaged the implementation of the program, and now risks a substantial number of "re-defaults," with many participants ultimately losing their homes anyway.

The administration's $75 billion loan modification program may help as little as 1.5 to 2 million people, about half the number Obama said it would when he first unveiled the program in February 2009, the inspector general, Neil Barofsky, wrote in a report.

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Filed under: President Obama • TARP
soundoff (One Response)
  1. Sniffit

    More broken promises and mismangement, I'm in shock (almost). And now he's running healthcare. Is his name Obama or Hugo??

    March 24, 2010 08:41 am at 8:41 am |