A U.S. watchdog has published a scathing report that accuses the government’s Home Affordable Modification Program (HAMP) of failing to provide adequate “transparency and accountability,” ahead of a Senate finance committee hearing on the 2008 bailout, according to Financial Times. The group states that the program did not make an “appreciable dent” in foreclosure filings, and charges the Treasury with the failure to set realistic goals and asserts the target of helping three to four million homeowners with trial mortgage modifications was “meaningless.”

However, the latest data from the Treasury shows a 13% increase in modifications under the program between March and April, bringing the total number of permanent modifications to nearly 300,000. A top housing official, David Stearns, said, “the administration’s comprehensive efforts are making an impact on the housing market’s overall recovery,” citing data that show low mortgage rates, around one quarter fewer foreclosure starts than a year earlier, and a stabilizing trend in home prices and sales.