Why the Treasury's mortgage modification plan may need its own rescue.
Oct 14, 2009
Is the Obama administration's signature foreclosure relief program succeeding? Absolutely, according to Treasury Secretary Timothy Geithner, who last Thursday trumpeted the news that 500,000 mortgages had been modified—on a trial basis—under the Home Affordable Modification Program, a month ahead of the administration's November 1 benchmark for reaching this goal. A day later, however, the Congressional Oversight Panel (COP) reached a far different conclusion when it released its own evaluation of the Treasury Department's foreclosure prevention efforts. According to the financial watchdog, the efficacy of HAMP is very much in doubt, and the program may wind up doing little to assuage the growing foreclosure mess.
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