Tag Archive: foreclosures

Inspector General report finds foreclosure aid program flawed

You didn’t have these problems when all that money went to bail out Wall St.:

The Treasury Department rushed out a major revamp of its foreclosure-prevention program in 2010, limiting the plan’s ability to help people who are unemployed or owe more than their homes are worth, a government watchdog says.

Treasury’s Hardest Hit Fund, which distributes money to state housing agencies for a range of programs, has been plagued by delays and disagreements with mortgage companies that must participate for the program to succeed, according to a report released Thursday by the Special Inspector General for the financial bailouts.

“Treasury’s failure to set meaningful goals for the program leaves the agency vulnerable to criticism that it’s trying to avoid accountability,” said Christy Romero, Special Inspector General for the Troubled Asset Relief Program, in a statement.

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