Oversight Panel Slams Loan Modification Program, but Highlights an Opportunity

"A government watchdog panel issued a report today sharply rebuking the government's loan modification program and saying it represents "a failure to make a dent in the foreclosure crisis." The panel has been flagging shortcomings on the program for over a year: that the program has lax enforcement, unclear goals, is riddled with conflicts of interest and will fall far short of the Obama administration's public statements that it will to help 3 million to 4 million homeowners. It also said the Treasury Department, which oversees the effort, has failed to acknowledge the programs' flaws."