It’s going to go up. Remember the mortgage bailout program that was supposed to keep people in their homes?  It’s not working very well.  From the Washington Post, Aid to Borrowers Not Preventing Rising Delinquency

Mortgage lenders have boosted their foreclosure-prevention efforts, but homeowners nonetheless are increasingly falling into delinquency even after receiving help on their loans, according to a government report issued yesterday.

The report, by the Office of Thrift Supervision and the Office of the Comptroller of the Currency, which regulate mortgage lenders, illustrates the challenges facing industry and government efforts to tackle the foreclosure crisis. Foreclosure rates are expected to continue to increase as the economy falters and the labor market weakens. It could take months for the Obama administration’s prescription for the foreclosure crisis to begin to have an impact.

Apparently the result is not even close enough for government work.  What a surprise.  Get ready for calls for more money to disappear down that black hole.  After all, we want Obama to succeed, don’t we, no matter the cost to everybody else?

Update:

That didn’t take long.  From Reuters, Estimated U.S. taxpayer cost for bailout jumps

WASHINGTON (Reuters) – U.S. congressional budget analysts have raised their estimate of the net cost to taxpayers for the government’s financial rescue program to $356 billion, an increase of $167 billion from earlier estimates.

The Congressional Budget Office had originally projected the $700 billion Troubled Asset Relief Program would cost taxpayers $189 billion.

…The Treasury Department announced plans to use some of the money to help avoid home foreclosures and made new deals with Bank of America and American International Group. Those programs involved higher subsidy rates than previously estimated, the report said.

And taxpayers will take the fall, excuse me, make up the shortfall.

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