ABC News-One year ago this month President Obama enacted a plan to help alleviate the housing crisis.
With a slow start to the program, the Obama administration announced in July 2009 that it would seek 500,000 trial loan modifications by November 1. Over 900,000 applications were submitted.
Up to $75 billion has been allocated for this program. $50 billion coming from TARP.
A year later only 66,000 Americans had permanent mortgage modifications through Obama's program.
RealtyTrac.com-In that year, foreclosure activity has still been up about 49 percent between January 2009 and January 2010.
Asked by Anonymous at 8:24 AM on Feb. 16, 2010 in Politics & Current Events
Answer by TimandMely4ever at 8:27 AM on Feb. 16, 2010
Answer by gemgem at 8:35 AM on Feb. 16, 2010
A year later only 66,000 Americans had permanent mortgage modifications through Obama's program
How many of those will be defunct with payments again?
Answer by jewjewbee at 8:52 AM on Feb. 16, 2010
Answer by Anonymous at 9:11 AM on Feb. 16, 2010
Answer by RutterMama at 9:31 AM on Feb. 16, 2010
We were able to get a modification through our bank last April. However, in August the same bank called us and told us we need to send in info for our modification. I told her we already did, and have been on the modification since April. She told me this was for Obama's new plan, and if we qualify, our payment would be X amount and our interest rate would be X amount for 5 years, and then would be variable. WTF? We had a fixed rate that was only slightly higher than the rate they quoted. And our current payment at the time was just slightly higher as well. I asked her why the hell I would want to change it. She said because it was a great deal under Obama's new plan. That's all she kept saying. I don't know how many times I told that woman no. I had my husband call and talk to her as well. And btw, we are making our payments just fine now in case those like jewjewbee care...
Answer by Anonymous at 2:10 PM on Feb. 16, 2010