WASHINGTON — A fund to support homeowners in the communities hit hardest by the collapse of the housing bubble has disbursed just 3 percent of its budget and aided only 30,640 homeowners in the two years since its creation, according to a report released on Thursday by a federal watchdog office.
The Hardest Hit Fund, which was created in the spring of 2010, grants money to state housing finance agencies for efforts to help families that are facing foreclosure. It has “experienced significant delay” because of “a lack of comprehensive planning” by the Treasury Department and limited participation by Fannie Mae, Freddie Mac and the large mortgage servicers, said the report by the special inspector general for the Troubled Asset Relief Program.
There are elements of the administration fail on housing that I chalk to the usual reasons (too cozy with the big banks, etc). But sometimes I look at what's happening and wonder if the people working on this stuff are just incompetent. You know, it's easy to sit around and talk about that great party you're going to have, but eventually someone has to go buy the kegs, hang up the decorations, and put the cocktail weenies in the oven. Doing stuff takes work.