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Obama Plan To Modify Second Mortgages Has Yet To Help One Homeowner

Nearly a year after the Obama administration announced a plan to help up to 1.5 million struggling homeowners modify their second mortgages, not a single homeowner has gotten any assistance.

The program, a part of the administration's $75 billion anti-foreclosure initiative, was supposed to induce mortgage servicers to coordinate payment reductions on additional mortgages when the first mortgage is modified under the administration's Home Affordable Modification Program.

http://www.huffingtonpost.com/2010/03/05/obama-plan-to-modify-seco_n_487474.html

Huffington Post, no less!

Opinions as to why Obama's program has failed to help not even one homeowner?

 
Anonymous

Asked by Anonymous at 1:48 PM on Mar. 8, 2010 in Politics & Current Events

This question is closed.
Answers (10)
  • Opinions as to why Obama's program has failed to help not even one homeowner?

    ***
    It was only geared to help those homeowners who were ALREADY way in over their heads in debt, so even SOME "relief" was still too burdensome, and the homeowners eventually defaulted again!

    I expect the same to happen with Cash for Clunkers, if it hasn't already started! The STUPID thing about CFC is cars depreciate RAPIDLY--and you will NEVER get back the amount you still owe on it! At least with a home, if you bought smart--you have a CHANCE of seeing a profit in a reasonable amount of time!
    LoriKeet

    Answer by LoriKeet at 6:38 PM on Mar. 8, 2010

  • Not defending BO or this "plan" but I had no problem refinancing and getting both mortgages merged into one at a fixed rate. Ppl just need to make some calls and not give up. No one is going to do it for them. However, my escrow went up almost $60 starting this month (yep no new taxes..sure)
    rotPferd

    Answer by rotPferd at 2:02 PM on Mar. 8, 2010

  • LOL "hope" and "change"
    Anonymous

    Answer by Anonymous at 2:11 PM on Mar. 8, 2010

  • How do we know it has not helped ONE person? LOL. We know some people who have refinanced and consolidated .

    Generalizations....NOT ONE person? . I don't know why ...and who wants to cause another big stir here at CM but it gets tiresome. Do we know that this is an actual article you are presenting ...or is it YOUR modification, reinterpretation?
    Anonymous

    Answer by Anonymous at 2:30 PM on Mar. 8, 2010

  • What happened to the money to fund it? Why is Obama constantly spending and there is stimulus money not spent yet? These are the people we trust to 'cut waste'?
    tnmomofive

    Answer by tnmomofive at 2:35 PM on Mar. 8, 2010

  • Do we know that this is an actual article you are presenting ...or is it YOUR modification, reinterpretation?


    Gee, you don't know how to operate THE LINK TO THE ARTICLE the OP included, I guess. 


    I checked for you, and the OP can cut and paste with the best of them.  The article is word for word, no modifications, no reinterpretation.  Happy now?

    Anonymous

    Answer by Anonymous at 3:29 PM on Mar. 8, 2010

  • Wow, Huffington Post did a negative Obama article? Impressive!
    mancosmomma

    Answer by mancosmomma at 3:35 PM on Mar. 8, 2010

  • Opinions as to why Obama's program has failed to help not even one homeowner?
    ------------------------
    Because it is an OBAMA PROGRAM
    simple really
    jewjewbee

    Answer by jewjewbee at 3:37 PM on Mar. 8, 2010

  • Interesting article, OP. Too bad Obama wasted 75 billion to accomplish nothing. I'm sure one of his cronies pocketed the money and is in Aruba enjoying the sun.
    Anonymous

    Answer by Anonymous at 3:55 PM on Mar. 8, 2010

  • Sure it's an Obama idea but it's a government program. THATS why it didn't work. Just like cash for clunkers actually cost us money and cash for caulkers is a bust. Just like SS, medicare and medicaid. We have a brain dead government and it's going to stay that way until we Americans get off our butts and research and elect people who realize they are working for us and that millions of Americans may just know better than them. Even if this program had helped anyone it would have been at a huge cost and therefor not been a sucess anyway.
    Typical
    itsmesteph11

    Answer by itsmesteph11 at 3:56 PM on Mar. 8, 2010

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