Posted on 09/23/2010 7:18:00 PM PDT by fightinJAG
More than half – 682,659 homeowners –of the more than 1.3 million borrowers in the Obama Administration’s mortgage modification effort have dropped out of the program as the foreclosure crisis shows few signs of abating.
The Home Affordable Modification Program (HAMP) update for August, released today, shows that 51 percent of the 1,334,117 borrowers who started trial periods of reduced monthly payments have cancelled out of the 16-month-old program.
In July, the dropout rate stood at 48 percent.
(Excerpt) Read more at ecreditdaily.com ...
[shrug] The recession is over. They said so. We is all good now.
0bama probably considers a 51% drop out rate a real achievement. After all, he is from Chicago where the drop out rate is much higher!
I am hearing radio ads offering mortgages with NO MONEY DOWN at 105 percent of appraised value. Basically no out of pocket. WTF?
With a modest home (way above water) I am getting 20 refinance offers a week. How do these basmasters get my info?
Yet those of us who have proven we’re good for it can’t get anyone to help us refinance even with 30% equity and a great credit rating.
I suppose it gets to be too much to get free money if it is tied to having to worship the One. Probably found out they were going to have to host a backyard town hall.
That’s the killer in all this. The government just keeps throwing good money after bad.
If you put ten dollars into your bank they can borrow $100 from the Fed at .0036%
Obama's regulators are pressuring banks for liquidity over long term loans on declining assets like homes so they nudge them towards Treasury's at 3.5%
so the fed is giving you $10 for every $1 deposits from one pocket and then offering 3.5% to get the money back in the Fed's other pocket
Why would a bank take a chance on a depreciating asset like your home?
How long do Obama and Guitner think this can go on before it explodes
It's truly a ponzi scheme
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