Browsing: Presidency of Barack Obama

Investor Financing & Creative REI

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….

Market Trends, News & Commentary

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.

Investor Financing & Creative REI

As the, so far, jobless recovery continues, the White House is reportedly hunkered down trying to figure out what to do next. Obama administration officials are taking note of programs that have worked and those that have not done as well.

Among the programs that apparently fall into the “success” column is the $8,000 tax credit for first time home buyers.

The tax credit for first timers was part of the $787 billion dollar stimulus program and is being credited with helping the real estate industry stage a modest comeback—at least among first time home buyers.