Obama’s Mortgage Relief Plan is working Perfectly!

  1. MikeNV profile image80
    MikeNVposted 7 years ago

    It’s allowing Banks to collect payments for a few extra months THEN foreclose. You can’t make this up… these are facts… even has the Democratic Party asking how the plan is helping families.  Answer:  It’s not.

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    The average homeowner who's received a five-year modified mortgage under the administration's plan had negative equity of about 35 percent prior to the program, according to the report. After modification, that burden actually increased for the average homeowner, who is now underwater by more than 43 percent.

    By comparison, last year lenders foreclosed on more than 2.8 million homes, a record, according to real estate research firm RealtyTrac. The firm estimates three million homes will get foreclosure notices this year; more than one million of them will be repossessed by lenders.

    The second-ranking Democrat in the Senate expressed concern Thursday over the ultimate effectiveness of the Obama administration's signature foreclosure-prevention effort, becoming the highest-ranking member of the president's party to publicly question the administration's efforts to help struggling families.