Some independent experts, while critical overall, praise the administration for its role in spacingout the negative shocks from the record home repossessions taking place, lessening the chances of the economy suffering a fatal blow. Others say the administration's efforts have simply prolongedthe crisis and delayed the recovery. Either way, the consensus is that the administration hasn't pursued the right policies to jumpstart the recovery.During Wednesday's hearing, members of the Congressional Oversight Panel said Treasury'sforeclosure-prevention programs "failed to provide meaningful relief," generated "falseexpectations," and have been a "major disappointment." COP is an independent, nonpartisancommission created by Congress.More than 20 months after President Barack Obama announced a plan to "enable as many as threeto four million homeowners to modify the terms of their mortgages to avoid foreclosure," just640,300 homeowners remain in the program. Nearly 729,000 struggling homeowners have beenkicked out."We are faced with a choice here," said Damon Silvers, a member of the panel who also works asdirector of policy and special counsel at the AFL-CIO. "We can either have a rational resolution tothe foreclosure crisis or we can preserve the capital structure of the banks. We can't do both."The commissioners were just as critical when it came to assessing Treasury's response to thegrowing crisis emanating from mortgage companies' use of fraudulent paperwork to foreclose onhomeowners.That consequences of that, though, may pale in comparison to the risk faced by the nation's biggest banks when it comes to demands for them to buy back the faulty home mortgages that they bundled and sold to investors as securities. Estimates from Wall Street analysts range well into thehundreds of billions of dollars.The Federal Reserve Bank of New York is part of a group of investors that sent a letter demandingBank of America buy back some $47 billion in dodgy mortgages. The New York Fed owns themortgage debt as a result of its 2008 bailout of Bear Stearns, the fallen global investment bank.The administration and financial regulators are conducting a review, though it's unclear howcomprehensive it is or how many people have been devoted to it. Administration officials say thatthus far "there is no evidence of systemic risk."