But barely 700,000 families expect to benefit from the nearly two-year old plan -- a small portion of the 8 million to 13 million families targeted-- while the $30 billion rescue pot remains largely unused. Just $4 billion has been spent thus far.
"Many of the problems plaguing HAMP are inherent in its design and cannot be resolved at this time," the panel aid.
It added that "Treasury's reluctance to acknowledge HAMP's shortcomings has had real consequences" and that "many billions of dollars set aside for foreclose mitigation may well be left unused."
The panel said the clock ran out Oct. 3 for Geithner to revise his bungled program, leaving the US stuck with a wasteful and useless effort while foreclosures rise.
Flaws the panel cited include Treasury's failure to collect or analyze any mortgage data, and Geithner's allowing mortgage servicers -- which make more fees by pushing ahead foreclosures instead of halting them -- to handle certain aspects of the process.
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