Quote:
Originally Posted by spence
As for housing, Obama certainly has worked to help reduce foreclosures. You'd probably consider it socialism though, or government enabling less personal responsibility.
-spence
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yup...and it's worked out about as well as most Obama initiatives....
"The Obama administration's initial foreclosure-prevention programs, launched in early 2009, were intended to help 7 million to 9 million people. So far, they've aided about 2 million, and not all of those are out of foreclosure danger.
Programs begun later have also faltered. One intended to help at least 500,000 has helped just a few hundred a year after its launch. Another initiative to extend $1 billion to help the jobless or underemployed avoid foreclosure ended in September, obligating less than half of its funds. The unused money went back to the U.S. Treasury.
As of Nov. 30, the government had spent just $2.8 billion of the $46 billion war chest it had in 2009 to devote to the housing crisis, the Treasury Department says. More has been committed, but only $13 billion will ultimately be spent, the non-partisan Congressional Budget Office estimated in March."
"Every program has fallen far short of goals. I can't think of one that's been largely successful," says John Dodds, director of the Philadelphia Unemployment Project, a non-profit that's been involved in foreclosure prevention for decades.
What went wrong with foreclosure aid programs? ? USATODAY.com
also
75% of modified home loans will redefault
By Les Christie, staff writerJune 16, 2010: 3:02 PM ET
NEW YORK (CNNMoney.com) -- Most borrowers who have had their mortgages modified through a government-sponsored program will redefault within 12 months, according to a report released Wednesday.
http://money.cnn.com/2010/06/16/real...mods/index.htm
and
HuffPo
HAMP: Mortgage Modifications Slow To Trickle Under Obama Anti-Foreclosure Program
08/ 9/11
WASHINGTON --
Since the Home Affordable Modification Program launched in the months following President Obama's inauguration, nearly 870,000 struggling homeowners have been kicked out of the initiative, while just 657,044 remain in permanent modifications.
For eligible borrowers, HAMP lowers monthly payments to 31 percent of their monthly income by reducing interest rates, extending the term of a loan and temporarily forbearing payments. If a borrower successfully makes reduced trial payments for three months, the modification is supposed to become permanent --
but in its early history the program has been notorious for its drawn-out and often hopeless trial mods.
President Obama said in 2009 that the program would help 3 to 4 million households modify their mortgages. The Treasury Department, which administers HAMP, backed away from that goal last year and started measuring the program's success mainly by the number of modifications across the entire mortgage servicing industry.