Posted on 07/23/2009 8:04:31 PM PDT by NormsRevenge
WASHINGTON – The Obama administration's effort to persuade mortgage companies to lower payments for up to 4 million homeowners could fall short of its goal, according to congressional investigators.
The Government Accountability office said Thursday the administration's projections that its loan modification plan could help 3 million to 4 million borrowers "may be overstated" because it's based on uncertain assumptions about the mortgage market and overall economic conditions.
In March, the Obama administration launched a plan to give the lending industry up to $50 billion in financial incentives to modify mortgages for struggling borrowers. As of this week, 31 mortgage companies had signed up, and about 180,000 borrowers were enrolled in three-month trial modifications.
(Excerpt) Read more at news.yahoo.com ...
4 million estimated, 180,000 actual. Yeah, I’d say grossly overestimated.
These people have to play dumb while they implement their real plan to destroy this country. the fact they sit there and have the gall to try to lie to our faces about them being dumb when this is exactly what they want to happen, is unbelievable.
This is like the “millions and millions” of jobs that would be created under the Cap and Trade scam bill - which passed the House and is just waiting to get passed by the Dem controlled Senate!!!
Another failure of Obamanomics. What a loser.
Everything this loser has proposed will fall short. Affirmative action in action.
And now, brace yourself for Obama’s ‘jobless recovery.’
He's not interested in fixing the economy. Quite the opposite.
Exactly - jobless recovery....what is that? As Rush said - no jobs, no recovery.
As Rush also said - Obama and the Dems really do not want a recovery.
And the Healtscam bill is not about providing Healthcare for those without health insurance, no matter how many lies they tell about it.
$50 billion / 180,000 is about $278,000 per refi. Only a government program can burn money like this!
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