“If you can’t tell us what you’re headed to, what you’re goal is in terms of the number of properties you’re going to deal with each month, we’ll be flailing around with this two years from now,” Sen. Mike Johanns, R-Neb., told Treasury’s Assistant Secretary for Financial Stability Herbert M. Allison and Department of Housing and Urban Development Senior Advisor William Apgar at the hearing.
“It will be regarded as a failed program, a costly failed program,” he contended.
Senate Banking Chairman Christopher Dodd, D-Conn., called it “disgraceful” that so many borrowers were still losing their homes given the urgency of stabilizing the housing market so the broader economy can recover.
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