Treasury Secretary Timothy Geithner told Obama that a wave of foreclosures was necessary to "foam the runways" for the banks, so Obama encouraged banks to foreclose on their loans, rather than restructuring them so that Americans could keep their homes:
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How Treasury Secretary Geithner Foamed the Runways With Children's Shattered Lives
According to former TARP Special Inspector General, Neil Barofsky, HAMP was nothing more than a cynical program to give banks more time to handle foreclosures.