Gov't program only helps 31,000 borrowers so far (Spin this one, O Nobel1 Kanobi!)

AP on Yahoo ^ | 12/10/09 | Alan Zibel -ap

[NormsRevenge]

WASHINGTON – Just over 31,000 homeowners have received permanent loan modifications under the Obama administration's mortgage relief plan, a big setback for the government's embattled effort to stem the foreclosure crisis.

Lenders blame the low success rate — only about 4 percent of the nearly 760,000 borrowers who have signed up — on borrowers who don't return the necessary paperwork to complete the process.

Bank of America Corp., for example, had only completed 98 modifications at the end of November, far fewer than several smaller rivals. GMAC Mortgage completed 7,100, the most of any lender in the program, which was launched in March.

[NormsRevenge]

Trivia anyone

How many US Presidents have received Nobels? .. while at war

-

I'm headed to the bank right now to beat the rush. :-]

[NormsRevenge]

Meanwhile , In Oslo..

U.S. President Barack Obama waves with his wife Michelle (L) from a balcony of the Grand Hotel, protected by bullet-proof glass, after he accepted the Nobel Peace Prize in Oslo December 10, 2009. The United States must uphold moral standards when waging wars that are necessary and justified, Obama said on Thursday as he accepted the Nobel Prize for Peace. In a speech at the award ceremony in Oslo, Obama said violent conflict would not be eradicated "in our lifetimes", there would be times when nations would need to fight just wars and he would not stand idle in the face of threats to the American people. REUTERS/Chris Helgren (NORWAY POLITICS)

[NormsRevenge]

Yes Sir, Mr. President. I'll look into it right away.

afp

[JoeProBono]

[Nachum]

The list, ping

[NautiNurse]

These are the same incompetent bureaucrats who intend to oversee destroy the U.S. health care industry.

Federal Government goal: Modify 3-4 Million mortgages (500,000 by Nov. 1)

Actual: Achieved 6.2% of the Nov. 1 target (31,000 enrollees, with >750,000 applicants)

Blame the homeowners for the 93.8% failure rate, stating they don't know how to complete the application.

This administration has once again resorted to insulting the taxpayers instead of owning up to their own ignorance.