Treasury Admits It Hasn't Fined Banks For Failing To Comply With Mortgage Modification Program!

[KoKo]

Treasury Admits It Hasn't Fined Banks For Failing To Comply With Mortgage Modification Program (VIDEO)

William Alden

A top Treasury department official said Thursday that the government has still not imposed any fines on banks that do not comply with the Obama administration's mortgage modification program.

In testimony before a House Financial Services subcommittee, Phyllis Caldwell, chief of Treasury's Homeownership Preservation Office, said her department has pursued "non-monetary remedies" but has not actually imposed any fines on banks for not complying with the administration's flagship $50 billion foreclosure prevention program.

Even in the midst of a growing controversy over allegedly fraudulent foreclosure paperwork, Treasury has not imposed any penalties on banks.

By many estimates, the Home Affordable Modification Program, which was launched last year, has been a failure. Although about 1.5 million borrowers were encouraged to sign up during its first year, 40 percent of those were kicked out of the program after initiating "trial" modifications, HuffPost's Shahien Nasiripour and Arthur Delaney reported. The program was intended to help up to 4 million homeowners avoid foreclosure.

In his latest report to Congress, the special inspector general for TARP Neil Barofsky said the mortgage-modification program can actually cause borrowers to go into foreclosure, due to extra fees that can accumulate on modified loans. The Government Accountability Office reported in March and in June not only that Treasury has not levied any fines on mortgage companies, but also that it hasn't even finalized guidelines for doing so.

More with Video at Link......

http://www.huffingtonpost.com/2010/11/18/mortgage-modification_n_785581.html

[rsmith6621]

1. Does This Suprise You?????

......Obama wont do anything to stir dust.....

[DCKit]

4. Unless the President has told them to lay off, I don't see where this is his fault.

I think he's probably a bit too busy to oversee the day-to-day functions of every government agency.

However, now that this issue is out in the open, I expect he's made a phone call or two.

Regardless, Congress has a role to play here, and they ain't doing squat.

[ChairmanAgnostic]

7. well . . . .

can you think of anyone who might have the authority to call up, say, the secretary of the treasury and kick some butt?

With this administration, me neither, unfortunately.

[progressoid]

10. Gee maybe he could put in a call to the head of the Treasury Dept.

And who is in charge of the Treasury Dept???

Oh yeah, Geithner - friend and colleague of Banks and Wall Street.

[fascisthunter]

14. seriously

good bye... I've seen enough excuses

[piratefish08]

2. this is America. we don't fine banks or arrest bankers. it would be so un-American.

[FiveGoodMen]

3. Rules are only for the little people.

:grr:

[Octafish]

18. Like taxes.

Used to be American.

[brentspeak]

self-del (dupe post)

[brentspeak]

5. But we just don't have the votes!!!

Oh, wait -- this isn't something the WH needs Congress to pass? Ah, well...

[gateley]

6. Hopefully those on the Committee were pissed about this and this will be addressed. nt

[gratuitous]

8. They've pursued "non-monetary remedies"

I'm sure the banksters have been most responsive to sternly worded letters and very frownie faces.

Confidential to Phyllis: These fuckers understand one thing, and one thing only, and that's money. Take it away from them, and they'll do what you want. Anything else and they're laughing themselves sick at your ineffectiveness.

[Poll_Blind]

9. Isn't that so very telling?

PB

[Poboy]

11. This is some fucked up shit right here. -nt

[KoKo]

12. Ya' Know...we should be glad that there are SOME FOLKS still Reporting THIS SHIT!

Obviously there are still some folks out there with some "puny" funding who can still manage to report some "TRUTH OF IT." Until..THEY are bought off and we START ALL OVER AGAIN...

Still...WE HOPE and TRY TO SUPPORT THOSE TRYING TO give ALTERNATE VIEWS? :shrug:

[Poboy]

13. .

[Canuckistanian]

15. They all went to school together

They have the same social circles. Their spouses may work for the other side.

It's all a big, incestuous club.

Does anyone really expect them to actually enforce laws? Can you imagine what would happen if they ran into each other at the Golf Club? That would be awful.

[earth mom]

16. The gangster bankster criminals are getting away with murder....

but so are *, Cheney, Rumsfeld and Condiliar and most of Congress.

What can anyone expect from such a corrupt system of government?! :argh:

[Autumn]

17. Was this covered under the "bank reform" bill?

If it was then we got no fucking reform. And if it wasn't, we still got no reform.