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Mon May 6, 2019, 02:04 PM

Obama Program to Help Struggling Homeowners Blows Millions on Parties, Cars, Booze, Luxury Travel

Years after a scathing federal audit exposed rampant waste in a multi-billion-dollar government program to help the “unemployed or underemployed” pay their mortgage, the gouging continues full throttle. Public officials who operate the disastrous project, known as Hardest Hit Fund (HHF), have wasted millions of dollars on parties, fancy cars, gifts, extravagant dinners and receptions, gym memberships and luxury travel. Previous investigations have uncovered more than $11 million in wasteful spending at HHF for illegal things such as employee bonuses, lavish shindigs, expensive vehicles and superfluous data storage. The latest enraging figures are documented in a lengthy report to Congress that outlines how HHF continues fleecing American taxpayers.

Obama launched the scandal-plagued program in 2010 to help struggling families negatively impacted by the housing crisis and it operates under the Treasury Department, which does little to oversee it and sits by as federal probes unmask pervasive fraud and corruption. The former commander-in-chief asserted that homeowners in regions with high unemployment needed the government’s help to make their mortgage payment and prevent foreclosure. The government has contributed an astounding $9.6 billion to the cause and the money will be available until the end of 2021. In the Obama administration’s last year, the fund got an additional $2 billion to assist struggling homeowners and communities. “While the housing market has strengthened in recent years, there are still many homeowners and neighborhoods experiencing the negative effects of the financial crisis,” said the Treasury’s Deputy Assistant Secretary of Financial Stability when the money was doled out, assuring that the funds would help stabilize local communities and help struggling families avoid foreclosure.

Like a lot of government programs during Obama’s tenure, this one ballooned and kept receiving boatloads of cash with virtually no oversight. It started off as a $1.5 billion initiative focused on the five states with the steepest declines in home prices and grew to a $9.6 billion boondoggle encompassing 19 states and the District of Columbia. The money goes to mortgage payment assistance for unemployed or underemployed homeowners, principal reduction to help homeowners get into more affordable mortgages, and blight elimination and down payment assistance efforts. California has received the biggest chunk of money ($2.3 billion) followed by Florida ($1.1 billion) Ohio ($762 million), Michigan ($761 million) and North Carolina ($707 million). Nevada, which is notorious for mismanaging HHF funds, has received north of $202 million.

More: https://www.judicialwatch.org/blog/2019/05/obama-program-to-help-struggling-homeowners-blows-millions-on-parties-cars-booze-luxury-travel/

Natch.

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Reply Obama Program to Help Struggling Homeowners Blows Millions on Parties, Cars, Booze, Luxury Travel (Original post)
JanetS May 2019 OP
batcat May 2019 #1
Muddling Through May 2019 #2
Steelydamned May 2019 #3

Response to JanetS (Original post)

Mon May 6, 2019, 02:44 PM

1. Another scandal in the scandal free Obama administration. ...

How bizarre.

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Response to JanetS (Original post)

Mon May 6, 2019, 02:55 PM

2. Strange this hasn't been reported by the MSM..............oh, wait........

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Response to JanetS (Original post)

Mon May 6, 2019, 03:12 PM

3. This is kinda....

...off topic but, not really? Anyway, remember the Green Jobs Initiative? The big Green Jobs program in the first couple of years of the Obama Admin? We were going to put America back to work by insulating houses and windows....or something like that?

I remember reading and article (that has since disappeared) about how the Obama personnel put in charge of those programs were looking into the Federal Jobs Training programs and discovered that there were dozens, and that they often overlapped, and that there was no oversight, no benchmarking...so real way to tell if the programs were even effective or, how much money they actually spend as there was no real accountability for them.

I was astounded by that...and more astounded that when I tried to find that article again, I was unable.

Is there any doubt that many, many federal programs are just like that? Just keep dumping money, hoping for the best?

Or, are they designed like that on purpose?

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