Treasury Secretary Defends Recovery Efforts
U.S. Treasury Secretary Timothy Geithner in a PBS television interview on Tuesday defended government efforts to reduce foreclosures.
He said the federal programs helped millions of families stay in their homes because of reduced monthly payments, while tax credits allowed million of Americans to purchase property.
He said the programs aren’t helping “the most fortunate Americans who bought very, very expensive homes or a second home. … They’re not going to reach people who lied about their income, were unable to prove that they had income -- weren’t able to prove they were eligible.”