Another Failed Obama Program Shows Incompetence

Socialist Barack Hussein Obama’s mortgage relief program is a dud.  Add it to the list of failed Obama schemes (programs).  We had the stimulus package that was supposed to keep unemployment below 8.5%.  The unemployment rate is 10% and the true unemployment rate counting those who have given up is over 17%.

Obama had the cash for clunkers program.  America learned a lot from that.  The Obama administration had no idea how to run a $1 billion program.  The $1 billion turned to $2 billion.  Dealers had to wait extended periods of time for their money.  The administrative cost was more per car than the amount people were being given for their clunkers.  Japan liked the program they sold a lot of cars.  The program did nothing to help the American economy.

Now we have Obama’s mortgage relief program.  This was to fix the foreclosure crisis on homes.  This program may wind up putting recovery of the housing market in jeopardy.  As usual Obama over inflated the program when he announced it.  Almost a year after Obama's announcement it appears only about 750,000 homeowners — a fraction of the 3 million to 4 million originally projected — might complete the application process.

The more borrowers who can't be helped, the more foreclosed properties will flood the market. And that means the nation's housing market, which appeared to recover last summer, could soon take another turn for the worse.

Home prices, meanwhile, are down 30 percent nationally from the peak in mid-2006, and there is mounting evidence they will fall again over the winter as low-priced foreclosures make up a larger proportion of sales.
"It's a very serious threat to the housing market, and still one of the most significant risks to the broader recovery," Mark Zandi, chief economist at Moody's Economy.com said.

The homeowners receive temporary modifications, which are supposed to become permanent after borrowers make three payments on time and complete the required paperwork, including proof of income and a letter explaining the reason for their troubles.

However, just 66,500 borrowers, or 7 percent of those who signed up, have completed the program as of December, the Treasury Department said Friday.

There's blame on both sides: Mortgage companies say they have struggled to get back the necessary paperwork, while homeowners and housing counselors say navigating the bureaucratic maze often seems impossible.

Obama the community organizer has another failed program.  This one can cause the housing crisis to be even worse.  Once again we see Obama out of his league and bumbling along.  These mistakes hurt America and hurt our chances of recovery.

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