Congressional lawmakers on both sides of the aisle took potshots at the Obama administration's latest efforts to fix the Home Affordable Modification Program (HAMP).
President Obama announced last week that he was allotting $1.5 billion to assist local housing finance agencies in the states with the most foreclosures: California, Florida, Nevada, Arizona, and Michigan.
Democratic Congresswoman Marcy Kaptur of Ohio said this week that the program might be doomed to failure and added that having the Treasury Department run the program doesn't make sense because Treasury doesn't have any housing expertise.
Another skeptic: Democratic U.S. Rep. Dennis Kucinich, chair of the House Oversight and Government Reform subcommittee on domestic policy. He told Treasury representatives, You're going to have to do more. This is a wake-up call.
Source: The Wall Street Journal, Judith Burns, and Reuters News, Corbett B. Daly