Portland Are you kidding me? What does it take for the Treasury Department to make the foreclosure modification program to work? Well, they have to actually run the program and supervise the banks, rather than let the foxes run and guard the hen house.
Seems the inspector general for TARP – the bailout program – testified to the Senate Finance committee that the emperor still has NO clothes when it comes to the Administration doing anything about foreclosure victims. $50 billion of the TARP funds were allocated to the HAMP, modification relief program, and less than $250 million have been spent. Elizabeth Warren, the often mentioned potential director of the new Consumer Finance Protection Bureau, joined the chorus, when asked, about the lack of transparency and information from the Treasury Department.
Fox News made hay on this today of course, but the Wall Street Journal also cited the fact that more people were deserting the inadequate and ineffective modification programs than those that were coming into the program. This is becoming a farce, and once again I think it rests solidly at the feet of Secretary and Wall Street apologist and bailout maestro, Timothy Geitner of the Treasury Department.
This is the British Petroleum of Wall Street and they can’t cap it. Partially because Geitner doesn’t seem to want to do so! Once again they are allowing the companies to administer and monitor their own programs, and it is actually more in their interest to foreclosure, especially if insured by Fannie Mae or Freddie Mac, than to try and implement a workout on a permanent or temporary loan modification.
In Phoenix Advocates and Actions is preparing a blockbuster report that will detail fully the incompetence, run around, and ineptness. On Monday in Phoenix we will release the detailed record from many cases with Bank of America (Countrywide), Wells Fargo, Citi, Chase, and other institutions of the bizarre mishandling of case after case of families desperate to keep their houses, all of whom qualified for modification, and none of whom after many, many months have been able to receive any assistance.
This will be easy to believe, because the facts are finally coming out and the numbers don’t lie!