As of December 30, $35.5 billion had been allocated to the program, the Special Inspector General for the TARP program, Neil Barofsky,
http://www.sigtarp.gov/reports/congress/2010/January2010_Quarterly_Report_to_Congress">reported to Congress last month, with $10 billion "allocated to encourage HAMP modification by protecting investors from potential home-price declines in their mortgage portfolio assets in regions where forestalling foreclosure may lead to significant losses."
But only $15.4 million had been disbursed.
snip
In our
http://abcnews.go.com/ThisWeek/week-transcript-treasury-secretary-timothy-geithner/story?id=9758951">interview yesterday with Treasury Secretary Tim Geithner, I asked him if a year ago, were I to tell him that a year later only 66,000 Americans had permanent mortgage modifications through the program, if he would have said at the time that the HAMP program was a success.
"I think it's very important to recognize this program is providing very, very substantial cash flow relief right now to more than three quarters of a million Americans," Geithner said. "We believe we're still on a path to be able to reach many, many more American households. And of course we're going to make sure that those temporary modifications translate into permanent modifications."
In reality, the program is so forceless that even the House Oversight committee is
http://www.dsnews.com/articles/house-committee-to-investigate-obamas-modification-program-2010-02-08">calling hearings on it. (Banks, despite all the trillions funneled their way, are simply giving underwater mortgage-holders the finger - and then laughing at them).
Nine-plus months since the Obama administration did
http://washingtonindependent.com/42220/white-house-silence-paved-way-for-cramdown-crash">jack-squat in supporting Richard Durbin's
http://www.bloomberg.com/apps/news?pid=20601087&sid=aZgoZUJbGqpQ">attempt to get vital mortgage loan modification cram-down legislation passed.