In my previous posting with the VERY long headline the other day, I challenged any and all to contradict me when I —and a Congressional oversight committee—concluded that the Obama administration’s attempt, thus far, to gain meaningful mortgage modifications has totally flopped.
In even less time than I thought would be the case, I have been proven sadly right: A new RealtyTrac report just out says that foreclosures are up a full 5 percent from summer to this fall…..meaning almost 940 thousand properties were impacted….
Joshua Dorkin
Charles Feldman
Ted Karsch.
Foreclosure Mitigation Deemed A Flop: Congressional Panel Tells It Like It Is; Administration Plan Fizzles; Foreclosures Rise; More Expected; Don’t Expect Much More Government Help; Forget About The Banks Bailing YOU Out; Don’t Bother Rationalization; Treasury Strategy Derided As Not Long Term Solution; Did I Leave Anything Out???; No, I Didn’t!!
by Charles Feldman | October 14, 2009Let’s stop beating around the bush….or, in this case, the Obama. The dismal results are in and there is NO question that the efforts, such as they are, of the Obama administration to effectively deal with the nation’s growing foreclosure problem amount to a failure.
Says who? Well, me, for one. But don’t take my word for it, just read the most recent report from the Congressional Oversight Panel which is charged with overseeing the administration’s efforts to cope with the foreclosure emergency.
Called “An Assessment of Foreclosure Mitigation Efforts after Six Months“–the panel report laments the “limited scope and scale of the Making Home Affordable” program……
And, it goes on to raise serious questions about whether any of the programs now in place will actually lead to permanent mortgage modifications for most or even many disperate homeowners.