Let’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.
In one interesting graph, the report takes aim at HAMP (Home Affordable Modification Program) saying: ” It increasingly appears that HAMP is targeted at the housing crisis as it existed six months ago, rather than as it exists now.”
Among the many concerns : that still to come mortgage rate resets may toss “millions of Americans out of their homes.” I don’t think you can win a peace prize for that? Well, then again, maybe you can!
Another issue addressed by the COP (get it, COP–as in, well, cop!!) is the fact that for many homeowners, “foreclosure is delayed, not avoided” because most of the so-called modifications to date are not permanent. In fact, some are only on a trial basis lasting a few months at best. Imagine imposing such a stern deadline on Chase or Bank of America or…..you get the idea.
I know some out there will probably take issue with these facts–after all, we are now living in a world that increasingly likes to avoid facts of any sort. I am sure there will be those who might write in arguing that the foreclosure program is working; that the government is doing too much and not too little; that there is not only a chicken in every pot but a flat screen TV for every room of the house.
For those who might be tempted to write such nonsense (except for the flat screen TV for every room of the house, which might be true?) let me save you the effort. You would be wrong. The facts would not support your feeble position. You would impress no one with your proudly displayed ignorance.
If you actually think (probably a bad word choice) that the foreclosure problem is behind us or even being addressed in a meaningful way, then you are not thinking at all. In fact, you are not even reading!
Now, having said all this, feel free to take issue with what I have said…wrapped, of course, in the full knowledge that you would be wrong!