Watchdog Panel Slams Loan Mod Program: ‘Little More Than Window Dressing’ - ProPublica: "One of the government’s bailout watchdogs, the Congressional Oversight Panel, has some sharp words for the Obama administration’s programs to fight forclosures through loan modifications. In a report released today [1] (PDF), the panel said the programs “have failed to provide meaningful relief” and appear to be “little more than window dressing” when it comes to helping desperate homeowners.
The report also raised concerns about the scope of the programs, pointing out that even though the Treasury’s stated goal was to offer three to four million loan modifications, the number of borrowers eligible for permanent modifications falls far short of that goal. (Homeowners in the program first get trial loan-mods designed to last three months, after which they’re which banks and mortgage servicers are supposed to either give homeowners a permanent modification or drop them from the program.)"
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