Under Geithner, Treasury compiled a mixed record of helping homeowners at risk. Of $50 billion in TARP money earmarked to reduce foreclosures, only $6 billion has been tapped. As of November, 1.1 million homeowners have received permanent loan modifications through the administration's main foreclosure-prevention program. An additional 1.5 million have been helped by the Federal Housing Administration.The administration's initial program to ease mortgage payments for the most troubled homeowners became a source of derision. Homeowners called it a bureaucratic mess. Treasury officials countered that the administration had inherited a foreclosure crisis for which it had to devise solutions on the fly.
Why Geithner's Treasury Leadership Proved Divisive
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