Obama’s Mortgage Plan has Helped Modify ONE Mortgage

Posted on | April 12, 2009 | No Comments

The current government loan modification program, which was funded BY THE TAXPAYERS $320 billion last July, has helped ONE mortgage to be modified according to HUD.  They have recieved 865 applications and ONE has been modified.  $320 billion to modify ONE mortgage since last July?  I thought President Obama’s Mortgage Plan was going to change all of this; obviously not!

Those of you who read this site know how I feel about the president’s mortgage bailout plan.  Not only will it fail, it will also create a moral hazard in this country.  I was willing to give it a chance when I saw mortgage rates drop and a subsequent increase in mortgage applications, but what does it matter?  None of these applications are being accepted!  If ONE out of 865 HUD applications has been accepted how many applications to PRIVATE mortgage lenders are going to get funding?

Thanks for the effort President Obama, but this is just not going to work.  How about you work on creating jobs that aren’t government related.  When the private sector finally gets kicked started, which you are doing everything to hinder this by taxing them more, that is when you will see this mortgage crisis end.  Until then, keep playing games with Timmy and watch this economy fall apart!

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