Criticism of the Obama Administration's mortgage bailout, the Home Affordable Modification Program, is reaching a fever pitch, and I know this because, among other things, the Administration itself appears to be mounting a defense.
Recently, reporters who cover housing were called to the Treasury Department for a "background briefing" by Administration officials, who tried to focus attention on the many, varied Administration efforts to stabilize housing; the message was...it's not all about our modification program.
Yesterday I received several emailed announcements from both HUD and the Treasury. One alerted us to a "Conference on the Future of Housing Finance,"set for quite possibly the slowest news week near the end of August.
“Now is the time to build on the foundation we laid with the historic Wall Street Reform legislation President Obama signed last week and aggressively move forward to improve our nation’s housing finance system," reads the statement from Treasury Secretary Tim Geithner. "The Obama Administration is committed to delivering a comprehensive reform proposal that protects taxpayers, institutes tough oversight, restores the long-term health of our housing market, and strengthens our nation’s economic recovery.”