TARP watchdog blasts Obama housing program

The Obama administration's $75 billion program to help homeowners risks failure by, "merely spreading out the foreclosure crisis," a top government watchdog said Tuesday.

Neil Barofsky, the special inspector general over the $700 billion financial rescue package, slammed the administration's housing program for having ill-defined metrics and for helping far fewer homeowners than originally proposed.

"The program risks helping few, and for the rest, merely spreading out the foreclosure crisis," Barofsky said in a report.