Gov't watchdogs: mortgage program is not working

[The Straight Story]

Gov't watchdogs: mortgage program is not working
Bailout watchdogs say Obama mortgage program is failing to help homeowners facing foreclosure


WASHINGTON (AP) -- Government watchdogs told a Senate panel Wednesday that the Obama administration's effort to help homeowners avoid foreclosure isn't working and that the Treasury Department has failed to fix the program.

Special inspector general for the financial bailouts Neil Barofsky said the program has not "put an appreciable dent in foreclosure filings," during a Senate Finance Committee hearing on the $700 billion bank bailout. 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.

http://finance.yahoo.com/news/Bailout-watchdog-calls-apf-1527849934.html?x=0