Millions Of Homeowners Don't Qualify For Obama's Mortgage Assistance Program

New York Times:

MESA, Ariz. - She had seen the advertisements for the new government program offering relief. She had heard President Obama promise that help was on the way for homeowners like her, people who had lost jobs and could no longer make their mortgage payments.

Read the whole story: New York Times

Comments

[TJCole]

Obama's plan was no plan, it was a disorganized joke...

He must do something about this housing crisis and tsunami of foreclosures...

Up to 10 million foreclosures over the next four years...

All these banks need do is reset the mortgages at the true current value of the house, and give these folks a fixed rate and the vast majority could keep their homes...averting a flood on homeless and terrible downward pressure on the already inflated and limited rental market...

The absurdity of hope...people believed in this guy...

[Lorianne]

Obama can't fix this. Nobody can.

[Prakosh]

What happened to "Yes We Can!"??? It seems to have morphed into "nobody can do this!

I thought the positive attitude would last more than 5 months and 110-15 days. Now in so many issues from the financial crisis to health care reform all I am seeing in post after post is the claim that this that and the other is "impossible."

"Yes We Can" has been retied until the 2012 election campaign when we will once again learn that there is nothing we can't do if we put our mind to it and it doesn't become impossible!!!!

[gopSTEALSyourTAXmoney]

I get what you're saying, but; don't you think
some of these proposals/plans are kind of experimental
in the beginning, trying to get some kind of 'traction'
to see where they go? i understand your frustration,
but I think as time goes on if they don't work, the
public backlash will be loud enough so that
the administration will eventually 'adjust'.
Obama is really a good man. I have faith in him.

[Altruth]

Write Bush and plea your case, the last Administration covered up the mess we are in and they almost got away with it. We were in a Recession for over a year when it was revealed. Reagan removed alot of regulations but you can't write him now can you. Now give President Obama time, he has been in office for only four (4) months!

[treetracker]

Blame Congress - he wanted the cram down and Congress voted against it. That vote was bought and paid for by the banks. VOTE THEM OUT OF OFFICE!

[cdnnewsjunky]

The trolls as usual are displaying an amazing insight into the gist of this article. According to them Obama is the problem, gee wasn't expecting that! The convenientlyt ignore that the Treasury says that this woman qualifies and that it's the bank that is not living up to it's obligations.

[luvangelHussein330]

they don't pay attention to the details...it would render them mute

[rabiddog6708]

And who did not make certain that the banks would have to play along? The government tossed all these billions at banks to save their miserable hides and we can't compel their cooperation?

[killpack]

I don't blame President Obama because a government sponsored mortgage assistance program isn't working out. That kind of program is doomed to fail no matter who is in charge. I'm disappointed in the President for approving the Bush/Paulson bailout of banks scam back in the fall.

[SCG]

This is more likely a public relations effort than anything else. The taxpayers are already taking care of these "legacy assets" for the banks. What motivation do they have to address this problem or renegotiate with troubled borrowers?

Didn't they just successfully lobby to k.i.ll the cramdown bill with the help of many Democrats?

[jesseandrews]

Obama hope and change, yes we can, change you can believe in.Help the banks and forgot the people that actually voted for him.

[killpack]

Yes, well, it's looking more and more like he's one of them. In all fairness, he did belong to Congress, so no one should be all that surprised.

[Lorianne]

Good, it's a scame anyway.

Don't try to sustain the unsustainable.
Don't try to reinflate bubble prices.

[killpack]

Wow, well said! I couldn't have said it better.

[henrywolff]

She doubled the amount of her mortgage and now she's underwater and she wants US to pay for it?

[rabiddog6708]

We bailed out the banks who accumulated all that bad debt. We bailed out AIG who insured more debt than they could cover. Tax payers' money was used (and this woman is a tax payer), so why shouldn't she get some help, too? If BankOfAmerica can get money then this lady should as well.

[henrywolff]

You bailed out the bank bondholders. Why, I'm not sure. Sure, why not give everyone a taste? We're all going down the drain anyways. When will it stop? Probably only with the printing presses burning out and hyperinflation.

[killpack]

AIG, B of A, etc. should have NEVER been bailed out with taxpayer money. Look at the polls back when it happened and you'll see the people were against it.

I have pity on individuals who bought houses they couldn't afford and are now faced with losing them, but that doesn't mean I should be forced to bail them out, just like I shouldn't be forced to bail out poorly managed businesses like AIG.

[SCG]

If the bank takes possession, apparently we still do?

[cdnnewsjunky]

I think the point is, that the Treasury say that under the plan, she is eligable, but the bank refuses to give her the loan modification. Imagine that, a bank trying to weasel out of it's obligations.

[rabiddog6708]

And what are they going to do with all these homes they are foreclosing on anyway? Sell them? Not in today's market. Smarter to take lower payments as opposed to allowing the house to site empty and get no payments until you can manage to sell it.

[americaismyhome]

The hits just keep on coming. How long until the sheeple and ideologues finally discover that Obama is a hoax?

[unhhockey]

Sheeple? That's SO played ...

[confuseddemocrat]

you mean:

like yellow cake uranium,
like Iraq links to 9-11,
like the justification for going to war,
like Enhanced interrogation techniques,
like heckauva job brownie,
like tax cuts prevents recessions,
like TARP-I
like trickle down economics
like the promise to rebuild New Orleans

[jesseandrews]

All with dem support.

[Louweegie272]

So your argument is because Bush was misled us it's ok for Obama to do it?

[Wesneeds]

About the same time people like you admit that Bush and Cheney have destroyed America by dragging us into war that has cost the US literally trillions of dollars, didn't catch Bin Laden, decimated capitalism by deregulationand no oversight, and has brought the US to brink of economic disaster.....then maybe I'll accept that Obama is a hoax. Until then, do yourself a favor and turn off the right wing radio and TV programs.

[rabiddog6708]

"if she handed over $18,000, he could lower her payment to $967 from $1,046. Her interest rate would actually increase slightly, with the drop largely because she was putting down more money."

I'm sure is she had $18,000 laying around, making the house payment would be an issue. And that's a lot of money just to save $79.00 a month. But, hey, the banks got their bail out money and that was all that was important.....to our government anyway.

[factotem]

I voted for Obama and I want him to succeed. But Dem faith in government almost always takes the form of a feeble program, designed by pencil pushers who understand very little.

[confuseddemocrat]

the problem is that we are broke....
we can't even afford these feeble programs.....and Obama blew by allowing Pelosi et al. to write the original stimulus package.....

I hate to admit that the GOP did have some points about there being a lot of pork in the bill

[gopSTEALSyourTAXmoney]

Well said.

[cimbri]

obama doesnt know what he's doing, it's as simple as that

[chriss0114]

so what is YOUR plan?

[We-Are-The-Ones]

Wants Obama to solve everyone's personal problems . . . here and abroad.

[billysix]

I agree. Obama is way over his head.

[NoblesseOblige]

Millions of informed voters disagree with you.

[Lorianne]

I didn't vote for Obama but I don't think it's reasonable to expect him (or anyone who would have been elected) to 'fix' this.

It's too big.

[We-Are-The-Ones]

Millions quality; millions do not.

[amalfedup]

hundreds qualify, maybe! Millions don't!

[We-Are-The-Ones]

3 months into the program and hundreds qualifying . . . keep trying.

[jordan3189]

LOLOLOL This is great. Where are the lemmings on here ready to blame bush for this. Maybe they should read the bill before signing it, what a concept.

[unhhockey]

We thought we'd let you open the posting.

[jordan3189]

Thanks

[jsgaetano]

You mean this mortgage mess isn't Bush's fault? Since when?

It sucks, it would be nice if this program could help more people, but considering GWB did absolutely nothing for eight years, I'm willing to give Obama some time.

If McCain had been elected, conservatives would still be "Staying The Course", and the global economy would be destroyed right now. And I'll bet McCain would be telling everyone we need to invest Social Security money in the stock market.

[jesseandrews]

The GOP never passed a bill without dems support and the last 2 years the dems were writing the bills.

[Louweegie272]

The mortgage mess was helped by Republican deregulation for sure. But when Clinton pushed for "housing for everyone", the sub prime mortgage floodgate opened up. Barney Frank played a big role in this, resisting regulation of Fannie May & Freddie May. So did Andrew Cuomo, at HUD. They all suck. There is no Party that represents any of the people. They sold us out long ago.

[Lorianne]

Neither McCain or Obama or anybody else could forestall this meltdown.
And it couldn't be be 'fixed' by any of them either.
All that can be done is delay the enevitable by a few months ... if that.

I feel sorry for this lady (but she and millions like her) were part of the problem. Sucking all the equity out of your home is not a good idea ... particularly if it's bubble equity.

In the bigger picture we have far more serious problems coming.

[killpack]

Haha, that's awesome! McCain voted the SAME way Obama did on the bailout of banks (I won't say which way that was, but I'll give you a hint...it was the opposite of what the people wanted. Shhh, don't tell anyone).

If McCain had been elected, things would be the same ol' same ol.' Am I the only one here who feels disappointed that he had to choose between two out of touch Senators for President?