TARP Loan Modification Program a Failure

by Sal on March 23, 2010

in Economy,Politics

It appears that Obama’s prized home foreclosure forgiveness program, which he created as an extension to the TARP program, is a complete and utter failure, at least according to the TARP program Inspector General.  In fact, the IG says that the program actually may be doing more harm than good.  For one reason or another, very few people have taken advantage of the program, and much money is spent on “trial” loan modifications, which end up being rescinded and don’t help anyone.  To put it into perspective, out of the 1.5 to 2 million people that the program has extended trial offers to, only 175,000 have ended up being permanently assisted by the program.  So, when looking at Obama’s major accomplishments:

  • Loan Modification Program
  • The Stimulus Porkulus
  • Cash for Clunkers
  • Closing Gitmo
  • The New York KSM Trial

What makes us think that ObamaCare is going to be any different?

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