WHAT A WAY TO START OFF THE MONTH, AFTER THIS I NEED TO GET REFOCUSED

TARP and HAMP failed to halt foreclosures! (Really, did anyone really expect a government program to come through)

In his latest quarterly report to Congress, special inspector general Neil Barofsky said that the Troubled Asset Relief Program, or TARP, has failed to boost bank lending as well as halt the spread of foreclosures -- two key aims of the sprawling program. "Whether these goals can effectively be met through existing TARP programs is very much an open question at this time," Barofsky said in the report. Since Congress enacted TARP, lending to both consumers and businesses has continued to decline. Earlier this month, the Treasury Department reported that the 22 banks that got the most aid from the government's various bailout programs have actually cut their small business loan balances by $12.5 billion since April. "For those of you new to reading between the lines, this is the money that would typically be given to private entrepreneurs and business to reinvest and employee people"

The Obama administration did propose a joint program between the Treasury Department and the Small Business Administration in October to make capital cheaper for community banks that commit to increasing their small business lending, but three months later the government is still drafting guidelines for that initiative. Barofsky, whose office has been closely tracking the evolution of TARP, also criticized the Obama administration's Home Affordable Modification Program. Even as Treasury allocated $35.5 billion towards that foreclosure-prevention program as of the end of last year, only 66,500 homeowners have received permanent modifications, with another 787,200 homeowners in trial modifications. There is no sign that the rate of foreclosures is slowing down anytime soon.

OK Kids lets do the math to make sure everyone understands the numbers:

$35.5 Billion (9zeros) / 853,700 modifications (ya we believe these numbers) = $40,998.00 per mod.

PLEASE NOTE LESS THAN 10% OF ALL INITIAL MODIFICATIONS MAKE IT TO PERMANENT DUE TO FAILURE TO MEET OBLIGATIONS. LOOK AT THE NUMBERS AND SEE THE TRUTH 787,200 IN TRIAL ONLY 66,500 MADE IT LAST YEAR INTO PERMANENT

SO WHERE DID ALL THE MONEY GO? CAN YOU SAY GOVERMENT, BANKS AND THE EMPLOYEES

Earlier this month, RealtyTrac, the online marketer of foreclosed homes, reported that foreclosure filings surged to a record 3 million in 2009, up 21% from 2008.

There was at least one bit of good news from Barofsky's latest report however. He acknowledged that while the ultimate cost will still be "substantial" for American taxpayers, it will be less than originally estimated. (HEE HEE HEE, IF HE CALLS THIS GOOD NEWS I WOULD HATE TO SEE WHAT IS BAD NEWS)