WASHINGTON — Government officials told a Senate panel Wednesday that the Obama administration’s effort to help at-risk homeowners avoid foreclosure is not working and could put the economic recovery at risk.
Neil Barofsky, the special inspector general for the financial bailouts, said the program has not “put an appreciable dent in foreclosure filings,” during a hearing on the $700 billion bank bailout before the Senate Finance Committee. He also said the Treasury Department has ignored earlier demands that it set clearer goals for the program.
Elizabeth Warren, who chairs a separate Congressional Oversight Panel on the bailouts, said Treasury’s failure to act more quickly could be hurting the recovery.
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