11.12.2010

The Government. (Has spent $600 million out of $50 billion promised to help foreclosures. 1.2 percent. 1.2 percent! How long did it take for those banks to get their 700 billion dollar rocket in their pocket? please J.P. Morgan. If we give you 80 million dollars would you modify some mortgages? pretty please? we are so stupid and corrupt, here is more money. please take it.)


OTHERWISE

by Paul Kiel, Pro Publica

When the Obama administration launched its flagship foreclosure prevention program in early 2009, it pledged to spend up to $50 billion helping struggling homeowners. But the government has so far only spent a tiny fraction of that.

A recent Treasury Department report  summarizing TARP spending put the total at $600 million through October.

Although the Treasury Department posts the maximum amount that could go to each mortgage servicer on its website, it doesn’t report the details of the spending. So we filed a Freedom of Information request for the data, and can now show for the first time exactly how much money has gone to each servicer. (A Treasury Department spokeswoman said they’re considering regularly releasing the information going forward.)

Check out the rest of the story.  1.2 percent.

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