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Thread: Nearly 50 percent leave Obama mortgage-aid program

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    Nearly 50 percent leave Obama mortgage-aid program

    Quote Originally Posted by AP
    By MARTIN CRUTSINGER, AP Economics Writer Martin Crutsinger, Ap Economics Writer – 50 mins ago

    WASHINGTON – Nearly half of the 1.3 million homeowners who enrolled in the Obama administration's flagship mortgage-relief program have fallen out.

    The program is intended to help those at risk of foreclosure by lowering their monthly mortgage payments. Friday's report from the Treasury Department suggests the $75 billion government effort is failing to slow the tide of foreclosures in the United States, economists say.

    More than 2.3 million homes have been repossessed by lenders since the recession began in December 2007, according to foreclosure listing service RealtyTrac Inc. Economists expect the number of foreclosures to grow well into next year.

    "The government program as currently structured is petering out. It is taking in fewer homeowners, more are dropping out and fewer people are ending up in permanent modifications," said Mark Zandi, chief economist at Moody's Analytics.

    Besides forcing people from their homes, foreclosures and distressed home sales have pushed down on home values and crippled the broader housing industry. They have made it difficult for homebuilders to compete with the depressed prices and discouraged potential sellers from putting their homes on the market.

    Approximately 630,000 people who had tried to get their monthly mortgage payments lowered through the government program have been cut loose through July, according to the Treasury report. That's about 48 percent of the those who had enrolled since March 2009. And it is up from more than 40 percent through June.
    Nearly 50 percent leave Obama mortgage-aid program - Yahoo! News

    $75 billion was made available, $495 million (approx) has been spent to save homes going into foreclosure, yet 50% are still dropping out and cannot keep up on the payments. Why? These people shouldn't have been approved for homes in the first place... someone should tell Mr. Obama and Barney Frank.
    “I think if Thomas Jefferson were looking down, the author of the Bill of Rights, on what’s being proposed here, he’d agree with it. He would agree that the First Amendment cannot be absolute.” - Chuck Schumer (D). Yet, Madison and Mason wrote the Bill of Rights, according to Sheila Jackson Lee, 400 years ago. Yup, it's a fact.


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    Re: Nearly 50 percent leave Obama mortgage-aid program

    Quote Originally Posted by Ockham View Post
    Nearly 50 percent leave Obama mortgage-aid program - Yahoo! News

    $75 billion was made available, $495 million (approx) has been spent to save homes going into foreclosure, yet 50% are still dropping out and cannot keep up on the payments. Why? These people shouldn't have been approved for homes in the first place... someone should tell Mr. Obama and Barney Frank.
    Hopefully they can return most of the $75 billion and just call it a mistake.
    I know, wishful thinking.
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    Re: Nearly 50 percent leave Obama mortgage-aid program

    If you can't pay your mortgage, you can't pay your mortgage. It's not like a few months of coverage for your loan will somehow make your financial insolubility 'disappear.' The idea, when initiated, was poorly thought out. Now, it is only painfully obvious.

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    Re: Nearly 50 percent leave Obama mortgage-aid program

    Quote Originally Posted by Ockham View Post
    Nearly 50 percent leave Obama mortgage-aid program - Yahoo! News

    $75 billion was made available, $495 million (approx) has been spent to save homes going into foreclosure, yet 50% are still dropping out and cannot keep up on the payments. Why? These people shouldn't have been approved for homes in the first place... someone should tell Mr. Obama and Barney Frank.
    Gee, what a shock?


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    Re: Nearly 50 percent leave Obama mortgage-aid program

    Quote Originally Posted by Ockham View Post
    Why? These people shouldn't have been approved for homes in the first place... someone should tell Mr. Obama and Barney Frank.
    I'm pretty sure they already know. Nobody denies these mortgages were unwise. All that remains is what do we do with them while causing the least amount of economic damage.

    Here's the problem, if we could go back to 2002, what should we have SAID, or DONE to prevent this sub-prime mortgage crisis?

    KEEP IN MIND. Everybody from homeowners, to mortgage brokers, to mortgage companies, to banks, to investors, to insurers were making cash off the housing bubble by the millions and billions. It was a proverbial CASH COW from front to back.

    In the face of THAT kind of momentum, what should we have done?
    Last edited by Cyberhwk; 08-20-10 at 11:51 PM.
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    Re: Nearly 50 percent leave Obama mortgage-aid program

    Quote Originally Posted by Ockham View Post
    Nearly 50 percent leave Obama mortgage-aid program - Yahoo! News

    $75 billion was made available, $495 million (approx) has been spent to save homes going into foreclosure, yet 50% are still dropping out and cannot keep up on the payments. Why? These people shouldn't have been approved for homes in the first place... someone should tell Mr. Obama and Barney Frank.
    [emphasis added by bubba]

    422,000 families are living in homes right now, enjoying a security they did not have but for this program. one which cost less than $1200 per salvaged residence. that sounds like an effective program ... especially when recognizing the alternative party of NO would have done its typical nothing (constructive) to address the problem

    but what causes me to post is that statement you direct to Obama about his needing to be specifically informed of the inappropriate mortgages made during the shrub's watch
    but unlike his predecessor, Obama is administering this in a fiscally prudent manner. that's why so many are not getting permanent modifications. the borrowers do not meet HAMP program creditworthiness requirements, even with a loan maturity extension and rate temporarily reduced to 2%. those other mortgage debtors fall into one of two categories (if not both). either they do not have the monthly cash flow in this weak economy to make even the reduced payments or/(and) the value of the collateral is substantially less than the debt which it secures. for many, walking away from their upside down mortgage is a better deal than paying a loan amount which far exceeds the value of the home in which they are residing
    based on their whining about it, seems a number of our fiscal liberals ... recognize them as those who usually have some brand of "conservative" as their stated political lean ... would prefer the Obama administration throw taxpayer money away on mortgage mods to borrowers who cannot repay those borrowed tax dollars
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    Re: Nearly 50 percent leave Obama mortgage-aid program

    Quote Originally Posted by justabubba View Post
    [emphasis added by bubba]

    422,000 families are living in homes right now, enjoying a security they did not have but for this program. one which cost less than $1200 per salvaged residence. that sounds like an effective program ... especially when recognizing the alternative party of NO would have done its typical nothing (constructive) to address the problem

    but what causes me to post is that statement you direct to Obama about his needing to be specifically informed of the inappropriate mortgages made during the shrub's watch
    but unlike his predecessor, Obama is administering this in a fiscally prudent manner. that's why so many are not getting permanent modifications. the borrowers do not meet HAMP program creditworthiness requirements, even with a loan maturity extension and rate temporarily reduced to 2%. those other mortgage debtors fall into one of two categories (if not both). either they do not have the monthly cash flow in this weak economy to make even the reduced payments or/(and) the value of the collateral is substantially less than the debt which it secures. for many, walking away from their upside down mortgage is a better deal than paying a loan amount which far exceeds the value of the home in which they are residing
    based on their whining about it, seems a number of our fiscal liberals ... recognize them as those who usually have some brand of "conservative" as their stated political lean ... would prefer the Obama administration throw taxpayer money away on mortgage mods to borrowers who cannot repay those borrowed tax dollars
    How does blaming Bush address the failure of Obama's bailout that's failing?
    “I think if Thomas Jefferson were looking down, the author of the Bill of Rights, on what’s being proposed here, he’d agree with it. He would agree that the First Amendment cannot be absolute.” - Chuck Schumer (D). Yet, Madison and Mason wrote the Bill of Rights, according to Sheila Jackson Lee, 400 years ago. Yup, it's a fact.


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    Re: Nearly 50 percent leave Obama mortgage-aid program

    Quote Originally Posted by Ockham View Post
    How does blaming Bush address the failure of Obama's bailout that's failing?
    Who says it is failing?

    Perhaps those that are dropping out did not meet the qualifications to remain in the program, and thus were dropped,
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    Re: Nearly 50 percent leave Obama mortgage-aid program

    Those other 52%, have no RIGHT to that money, it's NOT THEIR MONEY. Obama and Co. had NO RIGHT giving away that money, it is a massive failure. Aside a Gov't Program, where in the real world does spending 75,000,000,000 and seeing a 48% failure rate get considered "Successful"? Oh yes, only to people like LT and Bubba, whom consider no amount of Failure to be too much as long as it's Progressive/Liberal waste and failure.

    The plan should be shutdown IMMEDIATELY. Those 52%? So sad, too bad, you're in a home you DO NOT DESERVE, and you have no RIGHT to Tax Payer Money to keep you there.
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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    Re: Nearly 50 percent leave Obama mortgage-aid program

    Quote Originally Posted by Ockham View Post
    $75 billion was made available, $495 million (approx) has been spent to save homes going into foreclosure
    Quote Originally Posted by Ockham View Post
    How does blaming Bush address the failure of Obama's bailout that's failing?
    :::Sigh:::

    Program doesn't work, you call it a failure. It DOES work, you call it wasteful spending.

    He really can't win, can he?
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