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June 22, 2010

Obama's Mortgage Relief Program: More Fail

Posted by The MaryHunter at June 22, 2010 6:45 PM

If someone is keeping track of all of the failures of the Obama regime, here's another legendary one:

More than a third of the 1.24 million borrowers who have enrolled in the $75 billion mortgage modification program have dropped out. That exceeds the number of people who have managed to have their loan payments reduced to help them keep their homes.

Last month alone,155,000 borrowers left the program -- bringing the total to 436,000 who have dropped out since it began in March 2009.

About 340,000 homeowners have received permanent loan modifications and are making payments on time.

First, Democrats set up the biggest financial crisis since the Carter stagflation years, even though Barney Frank insisted a collapse could never happen. Then, a huge proportion of the folks who scrambled to benefit from this Democrat government bailout intended to fix the mess, instead bail like deadbeats. What else would you expect from the Progressive Nanny State mentality, Obama style?

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