If the Feds Can't Spend $75B Effectively....

Discussion in 'Politics' started by boedicca, Mar 24, 2010.

  1. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    If the Feds can't effectively use $75B for TARP loan modifications, which is a fairly narrow agenda, how are they going to make sure that $Ts spent on socialized medicine meet the promised objectives?

    The Obama administration's $75 billion program to help homeowners risks failure by, "merely spreading out the foreclosure crisis," a top government watchdog said Tuesday.

    Neil Barofsky, the special inspector general over the $700 billion financial rescue package, slammed the administration's housing program for having ill-defined metrics and for helping far fewer homeowners than originally proposed.

    "The program risks helping few, and for the rest, merely spreading out the foreclosure crisis," Barofsky said in a report. The program encourages companies to modify the terms of home loans so that borrowers can attempt to avoid foreclosure. Mounting foreclosures continue to weigh heavily on a weak housing market, which began declining more than three years ago.

    The administration's program has produced 170,000 permanent home loan modifications, which represents roughly 13 percent of the total trial offers extended, according to the latest data.

    Barofsky's report said it is possible the program only benefits half of the three or four million homeowners originally envisioned. Among other data, the program measures trial modifications, a metric Barofsky faulted for being, "essentially meaningless." The number of permanent modifications could wind up being a small share of the millions of foreclosures filed in this year and during the past two years....



    TARP watchdog blasts Obama housing program - The Hill's On The Money
     
  2. Truthmatters
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    What is the military?
     
  3. uscitizen
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    uscitizen Senior Member

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    Wasn't 75B what the Iraq war was supposed to cost? Tops?

    The feds have always been good at spending money. Spending it wisely is an entirely different matter though.
     
  4. Oddball
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    Oddball BANNED Supporting Member

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    The organization that pays $500 for hammers.

    Schmuck.
     
  5. Soggy in NOLA
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    Soggy in NOLA Platinum Member

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    Sadly, the good old days when that was all we had to worry about.
     
  6. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    What is Cognitive Dissonance?
     
  7. Soggy in NOLA
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    Soggy in NOLA Platinum Member

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    TARP and the stimulus were basically slush funds for the payoff to lapdog Dems and the Stupaks of the world for their votes for Obamacare.
     
  8. Truthmatters
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    So you think the MILITARY if the US is ineffective?
     
  9. Soggy in NOLA
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    Soggy in NOLA Platinum Member

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    This is without a doubt the most corrupt administration in U.S. history... makes even Andrew Johnson and Nixon look honest. Sorry, Carter was just a boob.
     
  10. Truthmatters
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    Funny Bush and Paulson would set up Tarpthat way huh?
     

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