US Gov't Bailout Reaches $3.7 Trillion...
WASHINGTON (Reuters) - Increased housing commitments swelled U.S. taxpayers' total support for the financial system by $700 billion in the past year to around $3.7 trillion, a government watchdog said on Wednesday.
The Special Inspector General for the Troubled Asset Relief Program said the increase was due largely to the government's pledges to supply capital to Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) and to guarantee more mortgages to the support the housing market.
Increased guarantees for loans backed by the Federal Housing Administration, the Government National Mortgage Association and the Veterans administration increased the government's commitments by $512.4 billion alone in the year to June 30, according to the report.
Gov't watchdogs: Mortgage program not working...
Bailout watchdogs say Obama mortgage program is failing to help homeowners facing foreclosure
WASHINGTON (AP) - Government watchdogs told a Senate panel Wednesday that the Obama administration's effort to help homeowners avoid foreclosure isn't working and that the Treasury Department has failed to fix the program.
Special inspector general for the financial bailouts Neil Barofsky said the program has not "put an appreciable dent in foreclosure filings," during a Senate Finance Committee hearing on the $700 billion bank bailout. He also said the Treasury Department has ignored earlier demands that it set clearer goals for the program.
Elizabeth Warren, who chairs a separate Congressional Oversight Panel on the bailouts, said Treasury's failure to act more quickly could be hurting the recovery.
More foreclosures could force down the price of homes and further hurt the already-ailing housing industry.
WASHINGTON (Reuters) - Increased housing commitments swelled U.S. taxpayers' total support for the financial system by $700 billion in the past year to around $3.7 trillion, a government watchdog said on Wednesday.
The Special Inspector General for the Troubled Asset Relief Program said the increase was due largely to the government's pledges to supply capital to Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) and to guarantee more mortgages to the support the housing market.
Increased guarantees for loans backed by the Federal Housing Administration, the Government National Mortgage Association and the Veterans administration increased the government's commitments by $512.4 billion alone in the year to June 30, according to the report.
Gov't watchdogs: Mortgage program not working...
Bailout watchdogs say Obama mortgage program is failing to help homeowners facing foreclosure
WASHINGTON (AP) - Government watchdogs told a Senate panel Wednesday that the Obama administration's effort to help homeowners avoid foreclosure isn't working and that the Treasury Department has failed to fix the program.
Special inspector general for the financial bailouts Neil Barofsky said the program has not "put an appreciable dent in foreclosure filings," during a Senate Finance Committee hearing on the $700 billion bank bailout. He also said the Treasury Department has ignored earlier demands that it set clearer goals for the program.
Elizabeth Warren, who chairs a separate Congressional Oversight Panel on the bailouts, said Treasury's failure to act more quickly could be hurting the recovery.
More foreclosures could force down the price of homes and further hurt the already-ailing housing industry.
posted by BP News Bureau | 3:06 PM
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