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The Boston Globe

Business

Inspector general cites flaws in Treasury foreclosure aid program

WASHINGTON - The Treasury Department rushed out a major revamp of its foreclosure prevention program in 2010, limiting the plan’s ability to help people who are unemployed or owe more than their homes are worth, a government watchdog says.

Treasury’s Hardest Hit Fund, which distributes money to state housing agencies for a range of programs, has been plagued by delays and disagreements with mortgage companies that must participate for the program to succeed, according to a report released Thursday by the special inspector general for the financial bailouts.

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