Another AP Economic Report That Misses the Point

I've got a bit of a problem with today's report that July foreclosures rose by 7 percent.

No problem with the numbers themselves. Just this part:

WASHINGTON – The number of U.S. households on the verge of losing their homes rose 7 percent from June to July, as the escalating foreclosure crisis continued to outpace government efforts to limit the damage. [Emphasis mine.]

What government effort? We've been told that the TARP program, originally designed to combat the "toxic assets" in the housing market, has been redirected to save banks.

The loan adjustment program touted by President Obama turned out to be a scam. The government web site redirects you to several lenders who are cherry-picking people who have the least travails as homeowners.

The Treasury Department said last week that banks have extended only 400,000 offers to 2.7 million eligible borrowers who are more than two months behind on their payments.

Naturally, the AP "real estate" writer thinks that mortgage companies are to blame for not getting "up to speed" with the Obama plan, when the reality is the Obama plan stinks. Doesn't anyone in the mainstream press do their research anymore? Don't they read the back files?

For what it's worth: This economy is not recovering.