TARP watchdog blasts Obama housing program
Herbert Allison, assistant Treasury secretary, defended the program in a letter, and said the program’s success, “should be measured by how many eligible homeowners are able to avoid the pain and stigma of foreclosure by reducing their mortgage payments to affordable levels while either remaining in their homes or transitioning with dignity to more suitable housing.”
The housing program has come under heavy criticism from Democrats and Republicans on Capitol Hill, who say it has done too little to reduce foreclosures.
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