Posted on 08/20/2010 9:25:30 PM PDT by NoLibZone
Nearly half of the homeowners who enrolled in the Obama administration's flagship mortgage-relief program have fallen out.
A new report issued Friday by the Treasury Department said that approximately 630,000 people who had tried to get their monthly mortgage payments lowered through the effort have been cut loose through July. That's about 48 percent of the 1.3 million homeowners who had enrolled since March 2009. That is up from more than 40 percent through June.
The report suggests foreclosures could rise in the second half of the year and weaken the ailing housing market, analysts say.
Another 421,804, or 32.3 percent of those who started the program, have received permanent loan modifications and are making their payments on time.
Many borrowers have complained that program is a bureaucratic nightmare. They say banks often lose their documents and then claim borrowers did not send back the necessary paperwork.
(Excerpt) Read more at foxnews.com ...
Looks like it had all the important hallmarks of what made Fannie and Freddie such a rousing success.
Amazed it hasn’t worked.
It’s really hard to feel sorry for anyone here—the banks, the home-occupiers, or the gobmint. Kinda like a gangland shoot-em up—you hope they all get it.
Sounds like Obama-voting district high schools drop-out rates....hope and f’ing change!
Sounds like Obama-voting district high schools drop-out rates....hope and f’ing change!
That’s good.
Perhaps they didn’t print enough forms in Spanish.
Yes, it’s damned disgusting.
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