As Administration Scrambles to Help Homeowners, Billions Left Unspent

[Donnachaidh]

http://www.commondreams.org/headline/2011/08/25-11

With housing prices dropping sharply <1>, and foreclosure filings against more than 1 million properties <2> in the first half of this year, the Obama administration is scrambling for ways to help homeowners.

One place they won't be looking: An estimated $30 billion from the bailout that was slated to help homeowners but is likely to remain unspent.


Of the $45.6 billion in Trouble Asset Relief Program funds meant to aid homeowners, the most recent numbers available show that only about $2 billion has actually gone out the door.

The low number reflects how little the government's home loan modification and other programs have actually helped homeowners <3> deal with the foreclosure crisis.

More at the link --

[GreenPartyVoter]

1. Have they really "scrambled" though?

[Donnachaidh]

2. doesn't seem like it, does it?

But we -are- in an election cycle now, so I guess the scrambling shoes have been donned. :sarcasm:

[ixion]

3. I know at least a dozen people who are underwater or worse

and not only are the banks, etc not 'scrambling' to help them, they're doing just the opposite -- driving them into foreclosure.

[GreenPartyVoter]

5. Yes, that seems more in line with reality than "scrambling." :^(

[Autumn]

4. WHY has it gone unspent?

That doesn't sound like scrambling to me. When I read this part:

"The programs have been marked by poor oversight <4> and consistent under-enrollment <5>. Homeowners have been forced to navigate an often bewildering maze at banks marked by slow communication, lost documents and other mistakes <6>"

Sounds more like poor planning on the program than a scramble IMO.

[GreenPartyVoter]

6. Why, indeed.