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The Obama administration's $75 billion program to help homeowners risks failure by, "merely spreading out the foreclosure crisis," a top government watchdog said Tuesday.
Neil Barofsky, the special inspector general over the $700 billion financial rescue package, slammed the administration's housing program for having ill-defined metrics and for helping far fewer homeowners than originally proposed.
Barofsky's report said it is possible the program only benefits half of the three or four million homeowners originally envisioned. Among other data, the program measures trial modifications, a metric Barofsky faulted for being, "essentially meaningless." The number of permanent modifications could wind up being a small share of the millions of foreclosures filed in this year and during the past two years.