Today’s newest review by a Congressional Oversight Panel, stated only 168,708 homeowners have been offered a long-term mortgage modification as of February. This is just a tiny portion of the six million individuals with mortgages who are more than 60 days behind on their loans.
These numbers are horrible!
The homeowners who received assistance are LESS THAN 10% of what was initially claimed by the Obama administration. Why is it that Americans seem to consistently receive the short end of the Obama bail out stick?
Obama’s foreclosure prevention plan, at best, is likely to assist 1 million troubled borrowers, short of the administration’s original goal of up to 4 million homeowners.
The program is funded with $50 billion in Troubled Assets Relief, or TARP, funds, putting it under the panel’s grasp. “For every borrower who avoided foreclosure through HAMP last year, another 10 families lost their homes,” the panel said of the administration’s Home Affordable Modification Program.
“It now seems painfully obvious that Treasury’s programs, even when they are fully operational, will not reach the overwhelming majority of homeowners in trouble.”
The panel’s report is the latest to slam the president’s foreclosure prevention efforts.
Last month two additional federal government watchdogs unveiled blistering studies that condemned the current administration for inadequate execution of the Home Affordable Modification Program and they also raised serious doubts that four million struggling homeowners could remain in their homes.
The panel lays out a number of issues, such as the continued sustainability of the modified home loans and the final price tag to the tax payers, as well as, the true objectives of the program.
The panel is also worried that the half dozen foreclosure avoidance programs introduced by Department of Treasury over the previous year has lead to much confusion and delays.
Tags: Foreclosure Market, Mortgage Defaults, Mortgage Delinquencies, Mortgage Fraud, Mortgage Implosion, Todays Economy
