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More borrowers exit Obama mortgage help plan

More bad news for Americans. Sounds to me like another waste of our tax dollars. When will the libs start admitting very little is coming of all of the money spent by Obama and his administration?

WASHINGTON (AP) -- A growing number of homeowners who sought help from the Obama administration's main mortgage aid program are in danger of losing their homes.

About 436,000 borrowers have dropped out of the $75 billion plan as of last month, the Treasury Department said. That's about 35 percent of the 1.24 million who enrolled since March 2009 and exceeds the number of homeowners who are getting help through the program. And nearly 155,000 of those who fell out of the program did so in the past month.

The result could be a new wave of foreclosures that could weaken the housing market and hold back the broader economic recovery

Answer Question

Asked by itsmesteph11 at 1:46 PM on Jun. 21, 2010 in Politics & Current Events

Level 39 (113,405 Credits)
Answers (11)
  • ????

    Answer by Anonymous at 1:50 PM on Jun. 21, 2010

  • Anon...that means OBAMA'S plan made things WORSE and she is WONDERING if/when the libs will admit (without blaming it on Bush would be GREAT) that he is inded doing more harm than good...that help?

    Answer by momof030404 at 2:10 PM on Jun. 21, 2010

  • Didn't see that one coming!!! (sarcasm)

    Answer by LoriKeet at 2:19 PM on Jun. 21, 2010

  • I still say that instead of giving all that money to companies he (PBO) should have given each and every citizen $1 million dollars. We would have been required to pay all bills to $0 ($$ went to the companies after all!) and would have had to pay taxes ($$ to the government), and set up an IRA for retirement ($$ for old age instead of Soc. Sec.) and finally, the rest (if any left over) would be used for new purchases if we needed a car, dishwasher, home, etc. The economy would have reset itself and we wouldn't have to repay money that hasn't done one tinker's damn worth of good. I sure wish they had. Instead of $700 billion +, it would have been $350 million or so. Bargain basement price to save our economy. I wish they had asked me first.


    Answer by jesse123456 at 2:22 PM on Jun. 21, 2010

  • Jesse!

    You have a point...but while SOME of us are fiscal conservatives, and would invest our little windfall wisely, there are MANY who would "party" that money away in record time...then stand around with their palms open--saying I need more!!

    I could manage quite nicely on a $4 million dollar allowance--a million for each of us! :o)

    Answer by LoriKeet at 2:27 PM on Jun. 21, 2010

  • I never did quite understand that whole going deeper into debt to get out of debt theory. I'm not so confused about it anymore. :o)


    Answer by QuinnMae at 3:15 PM on Jun. 21, 2010

  • Your numbers are more forgiving than this:

    High Default Rate Seen for Modified Mortgages June 16, 2010, Wall Street Journal Fitch Ratings Ltd. forecasts that most borrowers who get lower mortgage payments under a federal government program will default within 12 months. Among those with loans that aren't backed by any federal agency, the re-default rate within a year is likely to be 65% to 75% under the Obama administration's Home Affordable Modification Program, or HAMP, according to a report to be released Wednesday by Fitch, a New York-based credit-rating firm. Almost all of those who got loan modifications have already defaulted once. Diane Pendley, a managing director at Fitch, said the failure rate was likely to be high largely because most of these borrowers were mired in credit-card debt, car loans and other obligations.


    Answer by mancosmomma at 4:51 PM on Jun. 21, 2010

  • The result could be a new wave of foreclosures that could weaken the housing market and hold back the broader economic recovery
    Good. Today marks the official start of midterm elections campaigns.Santa DID get my letter.

    Answer by jewjewbee at 6:53 PM on Jun. 21, 2010

  • since when are there only 350 American citizens? did I miss some catastrophic event?

    Answer by autodidact at 7:04 PM on Jun. 21, 2010

  • it would have been $350 million or so.
    That is $1 per person. The real price would be 350,000,000,000,000. That's TRILLION.

    Answer by stacymomof2 at 7:32 PM on Jun. 21, 2010

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