White House's $50B foreclosure plan not working

With record foreclosures, what gave them a hint that their policy wasn't working? Politico has this:

The Obama administration’s $50 billion program to curb foreclosures isn’t working, and the White House knows it.

Administration officials blame the mortgage servicers charged with carrying out the mortgage modifications and refinancing under the federal program. Many of their Democratic allies on Capitol Hill back them up, but others are criticizing the White House for fumbling the execution. Whatever the reason, the program hasn’t stopped the rising tide of foreclosures: Experts predict that at least another 2 million homes will be lost this year, and the administration’s plan has so far reached only about 160,000 of the 3 million to 4 million homes it was supposed to protect over the next three years.

That’s bad news for the economy — and bad news for the Democrats.



Anonymous Anonymous said...

The rates on foreclosed houses have been uphill for the past months. Thus, many homeowners are seeking for ways to save their houses. FHA loans are the easiest type of real estate mortgage loan to qualify for nowadays. The FHA guidelines for loan qualification are the most flexible of all mortgage loans that require less than 5% down payment.

9/18/2009 12:26 AM  

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