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Geithner: Solving Housing Crisis 'Just Was Not Possible'
His critics say that departing Treasury Secretary Timothy Geithner's legacy will be forever tainted by a failure to help stem the housing crisis. But Geithner contends that there just wasn't much more he could do. "Even with more money and broader authority, I don't believe that you would have had a dramatically different outcome," Geithner told The Wall Street Journal in a recent interview. "It just was not possible." The Obama administration's housing programs have not met their own expectations, helping fewer people than promised and resulting in re-defaults for many. Some housing experts say this is largely because the government did not pursue mass principal reductions, which would have reduced the burden placed on underwater homeowners by the crisis
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Geithner: Solving Housing Crisis 'Just Was Not Possible'
His critics say that departing Treasury Secretary Timothy Geithner's legacy will be forever tainted by a failure to help stem the housing crisis. But Geithner contends that there just wasn't much more he could do. "Even with more money and broader authority, I don't believe that you would have had a dramatically different outcome," Geithner told The Wall Street Journal in a recent interview. "It just was not possible." The Obama administration's housing programs have not met their own expectations, helping fewer people than promised and resulting in re-defaults for many. Some housing experts say this is largely because the government did not pursue mass principal reductions, which would have reduced the burden placed on underwater homeowners by the crisis
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