says homeowners are redefaulting at an alarming rate. 46% redefaulted. cig t.a.r.p.they -- and create an early warning system to help borrowers. it was supposed to help borrowers avoid foreclosure. just 862,000 homeowners are now in permanent modifications. 312,000 have redefaulted and so far treasury has spent just 7.3 billion on housing programs. why are they re-defaulting? mortgage analyst says these mag legacy sub prime loans look sane. the borrowers have low credit scores. these modifications turn people into underwater renters of their own house. now banks themselves have turned away from the hamp program with principal reduction at a rate 200% greater. bank mods are up 55% from a year ago. >> thank you very much. >> we are awaiting some fresh information. we will have that after we take this short break. elity's new options platform, we've completely integrated every step of the process, making it easier to try filters and strategies... to get a list of equity options... evaluate them with our p&l calculator... and execute faster with our more intuitive trade

bailedded out homeowners redefaulting at an alarming rate. also, your under electronic assault.ow do you organize your life in the digital age? the ceo of evernote is here to show us. it's almost barbecue season. we go to the road fo the best advice on the hottest grills. we're on the case tonight on "the willis report." our top story tonight, the government mortgage fix is this a fix. the federal home affordable modification program, you know it, it's called hamp, sees modified mortgages redefaulting, faulting again at a troubling rate according to a new watchdog report, and the treasury department cannot tell us why. the executive editor at housing wire. jake, great to have you with us. your website is just awesome, great stuff on housing. this story, i have to tell you, deeply troubled me today. what's going on here? >> well, that's the issue, we don't know. the treasury is not telling us, but we know the government, and yet people redefault, and we are not sure why. gerri: this government program was put together with the idea in mind of helping people stay in their homes, a

bailedded out homeowners redefaulting at an alarming rate. also, your under electronic assault.f evernote is here to show us. it's almost barbecue season. we go to the road for the best advice on the hottest grills. we're on the case tonight on "the willis report."

bailedded out homeowners redefaulting at an alarming rate. also, your under electronic assault.o you organize your life in the digital age? the ceo of evernote is here to sh us. it's almost barbecue season. we go to the road for th best advice on the hottest grills. we're on the case tonight on "the willis report." our top

bailedded out homeowners redefaulting at an alarming rate. also, your under electronic assault. life in the digital age? the ceo of evernote is here to show us. it's almost barbecue season. we go to the road for the best advice on the hottest grills. we're on the case tonight on "the willis report." our top

bailedded out homeowners redefaulting at an alarming rate. also, your under electronic assault.e digital age? the ceo of evernote is here to show us. it's almost barbecue season. we go to the road fo the best advice on the hottest grills. we're on the case tonight on "the willis report."