Share on Google Plus Share on Twitter Share on Facebook 1 Share on LinkedIn Share on PInterest Share on Fark! Share on Reddit Share on StumbleUpon Tell A Friend 4 (5 Shares)  
Printer Friendly Page Save As Favorite View Favorites View Stats   3 comments

OpEdNews Op Eds

TARP Special IG Asks What about Main Street?

By (about the author)     Permalink       (Page 2 of 2 pages)
Related Topic(s): ; ; ; ; ; ; ; , Add Tags Add to My Group(s)

Valuable 2   Must Read 1   Well Said 1  
View Ratings | Rate It Headlined to H1 10/26/10

Become a Fan
  (117 fans)

"HAMP, as of September 30, 2010, has only approximately 467,000 ongoing permanent modifications with fewer than 207,000 of those funded and attributable to TARP. The remaining were funded outside of TARP. " A combined total of close to 700,000 of the almost 1.4 million total trial modifications were cancelled or failing." (p. 11)

SIG Barofsky outlined the depletion of needed funds that failed loan modifications cause to already troubled families. With a rate of 100,000 bank repossessions a month, Barofsky notes, the stakes are high and the public harm is significant.

"Treasury's decision to declare such uniform success for so many failures disregards the harm and suffering often accompanying failed trail modifications." (p. 12)

The report is over 300 pages but the overview by Neil Barofsky is a challenge to the TARP program in general and to the Treasury Department and Secretary Tim Geithner in particular.

Once again, the strongest voice for the impact on the people of the dire financial troubles comes from someone with independent judgment with intellectual honesty who shows a true understanding of how the continued stagnation and economic doldrums impact individuals and families, small business and Main Street.


This article may be reproduced in part or in whole with attribution of authorship and a link to this article.

Next Page  1  |  2

The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Follow Me on Twitter

Contact Author Contact Editor View Authors' Articles

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

Worst President Ever - Barack H. Obama

Ukraine President Once Agent for U.S. State Department

It's official! You're on your own

Rigged Elections for Romney?

Real Unemployment at 23% - Dampening the Excitement

Humiliation And Death As A Tool Of National Policy


The time limit for entering new comments on this article has expired.

This limit can be removed. Our paid membership program is designed to give you many benefits, such as removing this time limit. To learn more, please click here.

Comments: Expand   Shrink   Hide  
3 people are discussing this page, with 3 comments
To view all comments:
Expand Comments
(Or you can set your preferences to show all comments, always)
Have you noticed that no one has commented? Yet t... by Allen Oliver on Wednesday, Oct 27, 2010 at 11:46:06 AM
It is disgusting how the mainstream media have bee... by Blaine Kinsey on Wednesday, Oct 27, 2010 at 12:27:40 PM
This outcome is exactly what you can expect from t... by Carol Davidek-Waller on Wednesday, Oct 27, 2010 at 5:59:24 PM