That's a shocker

I hope you're sitting down before reading this text.

But believe it or not, the program design to keep people in their foreclosed houses, didn't work.......

A new report released yesterday (.pdf) by Neil Barofsky, special inspector general for the Troubled Asset Relief Program (TARP) warns that Obama administration efforts to bailout homeowners through the Home Affordable Modification Program (HAMP) are ineffective and will not stem the sweeping tide of foreclosures.

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.

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