Tuesday, January 19, 2010


I'd really like it if reporters pressed administration people on just what they think went wrong with the HAMP program. I think they truly believed, when they proposed it, that it would work for a lot more borrowers than it did. They certainly announced it with great fanfare. I suspect they'd just say the economy is worse than they expected, but when the program was announced plenty of people pointed out why it wasn't very likely to work well.

I don't think the economy can turn around until the foreclosure crisis is over. Damaged abandoned properties are destroying neighborhoods. This has been a big failure.