Yes, We Have No Money For You

A watchdog panel overseeing the financial bailouts says the Obama administration's flagship mortgage aid program lags well behind the foreclosure crisis and leaves too many families out.

The Congressional Oversight Panel says in a report released Wednesday that the administration projects only one million families will end up with lower monthly payments as a result of the program. The report says six million families are more than two months behind with their payments, and 200,000 more families receive foreclosure notices each month.

A year and a half after launching the program, "Treasury is still fighting to get its foreclosure programs off the ground," Elizabeth Warren, who heads the independent panel set up by Congress, told reporters Tuesday.

I don't get it. The Democrats control the Congress. The Democrats control the White House. Why can't they get the job done here? If the plan has been implemented, why are they having trouble "getting it off the ground"?

Could it be? Maybe they never intended to help these homeowners in the first place? TARP funds were used by banks to buy other smaller banks, not everyday taxpayers. None of the bailouts have reached the American people, what made them think some sort of mortgage "aid" program was going to reach them? Someone should have used barcode scanners to keep track of where all that money went.

Maybe the mortgage companies should work with the homeowners to get "something" before the government takes everything and we all end up with "nothing"!