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Bailout watchdog to audit gov't mortgage program

Associated Press

Posted on March 17, 2010 at 10:00 AM

WASHINGTON (AP) — The federal bank bailout watchdog is planning to scrutinize the formula used by mortgage companies to evaluate borrowers for the Obama administration $75 billion mortgage relief program.

Neil Barofsky, the special inspector general for the Troubled Asset Relief Program, will examine whether the more than 100 companies participating in the program are using the formula correctly. Barofsky disclosed his plans in a letter this week to Sen. Jeff Merkley, D-Ore.

The formula is designed to calculate whether lenders are better off foreclosing or modifying the loan so borrowers can get back on track with payments. Housing counselors complain that many borrowers who are denied are not given a clear explanation.

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