More than two years after after being sworn into office, Treasury Secretary Tim Geithner still has no clue what to do about our nation’s forecorsure crisis. Geithner’s Home Affordable Modification Program (HAMP) has been labeled a failure by both conservatives and liberals. Now Geithner has thrown up his hands and is asking if anyone else has any solutions. USA Today reports:
The Obama administration is asking investors for ideas about what to do with foreclosed housing properties, including the possibility of turning government-backed projects into rental homes.
Treasury Secretary Timothy Geithner said the administration is seeking “housing finance reform,” but in the meantime “it’s critical that we support the process of repair and recovery in the housing market.”
“Exploring new options for selling these foreclosed properties will help expand access to affordable rental housing, promote private investment in local housing markets, and support neighborhood and home price stability,” Geithner said.
Treasury Secretary Timothy Geithner said the administration is seeking “housing finance reform,” but in the meantime “it’s critical that we support the process of repair and recovery in the housing market.”
“Exploring new options for selling these foreclosed properties will help expand access to affordable rental housing, promote private investment in local housing markets, and support neighborhood and home price stability,” Geithner said.
Geithner’s showy plea for outside ideas reminded us of his disatrous televsion debut when he unveiled a hopelessly vague bank bailout plan that sent marktes tumbling back in February of 2009. Geithner’s performance was so terrible it earned him the cold opening on Saturday Night Live. It doesn’t appear that Geithner has gotten any better at this job since then.
