May 13, 2009
How's Obama's foreclosure policy working out?
It has been nearly three months since a newly sworn in President Obama stepped forward with a plan to rescue underwater homeowners from foreclosure. Now, we learn that the President's $275 Billion foreclosure fix has floundered and failed. The professional media slobbered over Obama's homeowner bailout under the pretext that they cared about the little guy/gal losing the family home. Yet as foreclosure numbers climb to a record, breakneck pace the media stubbornly refuses to note this enormous failure of the Obama administration. The foreclosure "surge" has been lost.CNN is reporting that April saw a record 342,000 homes slip into the foreclosure process. And the worst is yet to come. According to the article, government intervention did slow down the process, for a moment. Some major lenders took a pause last February to see what the foreclosure bailout plan would bring. But the delay is over. According to CNN it will get worse next month as even more homes move into...(Read Full Post)