With the large amount of reported failures of the federal bailout program known as HAMP, inside senior officials seem to be jumping on the band wagon showing their new found pessimistic ideas on where this program may be headed.

There were notices recently exchanged amidst one main senator and Neil Barofsky, special inspector general for the Troubled Assets Relief Program (TARP), respecting the subject of HAMP with Barofsky saying that over one-and-a-half million or so mortgage owners would get any type of mortgage aid.

But the sobering reports is that nearly 4 million homeowners including St Louis home loan owners that actually must have this federal aid. Yet, most professionals are despondent at the reality of this number being accomplished.

The reason for this dismal outlook is that fewer than 200000 or five percent have actually moved on from the trial docket into a permanent modification status.

But if circumstances couldn't be worse, the inspector general's report warned that many borrowers are at danger of re-defaulting on their St Louis mortgage loans even after acquiring help under the federal program.

Again the critics are coming out of the wood works suggesting that these mortgage owners are irresponsible. But the truth of the matter is, many still owe more money than what their property is worth not mentioning that others have second mortgages.

Without veering off to a great degree, I think its necessary to mention the abominable acts of not just the big insurance and banking leviathans but the average person who bought a home they knew they just were not able to afford and did it by taking the only type of loan that could deed them this undeserved asset. Then you have the pure fraudulent acts of those who knowingly lied on their stated income application. Three years later, these acts have come to be known as "liar loans."

Getting back to the basics, Barofsky then displays his further skepticism basically alluding that these loan modifications may not be the best program to continue offering. The Treasury department had other opinions as to the wide spread criticism.

In a long, drawn out reply included in the brief, Herbert Allison, assistant Treasury secretary for financial stability said the program "should be measured by how many eligible mortgage owners are able to avoid the pain and stigma of foreclosure by reducing their mortgage payments to affordable levels while either residing in their homes or transitioning with dignity to more suitable housing. The amount of permanent modifications is one element, but not the only element of assessing the success."

Whether this federal program meets its ultimate success or failure is second only to the fact that these key officials want us to view their fundamental beliefs from their viewpoint and no other.

Allison seems to want everyone to grasp that the important point is not the failing of HAMP, but that Barofsky is simply not assessing its lack of success in the correct manner.

Since Allison clearly points out that permanent modifications are really only one way to help grappling homeowners, this somehow implies that he himself doesn't firmly believe his preceding comment.

We cannot ignore the fact that these services are also offering other foreclosure prevention initiatives such as short sales as realistic alternatives. It is sad that many of these consumers both nationally and locally can no longer measure up financially for any type of St Louis refinancing options.

Yet, most people who have been following this program from its inception were spoon fed the amazing viewpoint that permanent loan modifications through HAMP was the best and perhaps the only way the country would see this elusive amount of foreclosures go away.

And as we are finding out, a lot of these modifications did not include a pragmatic principal reduction, which means in all likelihood, they will continue to fail.

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