TALF Analysts Say Loan Mods Not Working

August 1st, 2010 by Eric
Categories: News

Officials charged with monitoring the financial bailout on Wednesday criticized the U.S. Treasury Department for its handling of the housing rescue program.

Neil Barofsky, special inspector general for the Troubled Asset Relief Program, chastised Treasury for its unrealistic goals and expectations. “I fear that the growing public suspicion that this program is an outright failure will continue unless and until Treasury … comes clean with what its goals and expectations are.”

Elizabeth Warren, who chairs the bailout Congressional Oversight Panel, said, “It’s too small, it’s too slow. The program is based on the assumption that we will pay the servicers a bribe to make a deal between the homeowner and the investor who’s still holding the paper and it has not worked well.”

Tags: loan mods, short sales, treasury

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