New mortgage mess: Is president's program really working?

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During the president's State of the Union Address this past January he touted the formation of a new government task force to police.

The mortgage industry.

This new unit will hold accountable those who broke the law.

Speed assistance to homeowners.

And help turn the page on an Arab recklessness that hurt so many Americans.

Well that sounds promising -- three months later and that task force is barely limping along no office no phones no staff and no official director.

What went haywire let's talk to Adam lemon.

He's the chairman of credit dot com and former director of the New Jersey division of consumer -- For more details when you what you think that if if -- United States is up on the floor of the US house talking about this great plan to have this task force.

Next day things to be going but now will fast for ninety days nothing.

Well nothing you know again in Washington you never know silence could be that there's an investigation that's ongoing with subpoenas have been issued.

And they're operating quietly in order to gather the information or it could be.

That -- fell off the radar and fell through the cracks you're not sure yet although there was that report that they don't they have an -- staff they don't have phones probably not an office either.

And then as a result actually of that there was really not bad as a result of that what happened is some information has now come out.

Where eleven state attorneys general aid offices of the United States attorney in 55 attorneys and Department of Justice.

Are now in the process of gathering information and working on this -- In a perfect world what would this task force do.

This -- task force has to do is basically at that three measures things first is they've really got -- chronicle what truly happened.

During this disaster especially with securitization.

The second thing is that they have to determine.

If they can get even a better settlement for all of the victims of this -- The third thing is that they have to set guidelines.

For the future in order to figure out how this shouldn't happen again.

-- and what they really need you more than anything -- criminal indictments because a lot of criminal wrongdoing -- that's exactly right hundreds of thousands of people lost their houses and those people are angry and they would like to see somebody go to prison.

No they they want to see that in the settlement they've seen so far has been really restricted to robo signing.

And this was a compromise the creation of this this working group with the attorney general snyderman some of the other.

Attorneys general who said the settlement doesn't go far enough and the reason why there is a settlement now is because somebody wanted something.

Now where we really need to uncover all the facts -- well let's see if anything actually.

Adam -- think you're much interest life.

All right meanwhile told --

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New mortgage mess: Is president's program really working?

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