'Obama's Housing Reform Plan a Fraud'

US administration's housing reform plan is a fraud and it will cause more Americans to lose their homes, a former US treasury senior official says.

“The tax credits, in a way, deceived many home buyers and caused them to purchase into a declining market. Now even many of the homes purchased by the tax credit are underwater; the entire program was a fraud,” former US Assistant Secretary of the Treasury, Paul Craig Roberts, told Press TV on Friday.

The mechanism of the US administration's Making Home Affordable Program is to reward the lenders for modifying mortgages. Recent data, however, show that more than 616,000 trial modifications have been cancelled so far.'

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