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Obama's Foreclosure Fail

The Huffington Post - More than five times as many homeowners were kicked out of the Obama administration's primary foreclosure-prevention program last month than were granted new relief, new data released Monday show.

Nearly 155,000 homeowners were bounced from the administration's Home Affordable Modification Program in May versus about 30,000 who were offered new temporary trial plans of lower monthly payments.

About 48,000 more homeowners were granted five-year plans of lower payments compared to April, with an undisclosed amount offered five-year plans that have yet to complete the paperwork.

All told, last month about twice as many homeowners were bounced from a program that promised to help struggling families hurt by the firms at the heart of the worst financial crisis and subsequent economic downturn since the Great Depression. Those firms received hundreds of billions of dollars in taxpayer cash and guarantees.

Meanwhile, 16 months after President Barack Obama told a crowd in Mesa, Ariz. of his plan to "help between seven and nine million families restructure or refinance their mortgages so they can afford -- avoid foreclosure," nearly 436,000 homeowners have been kicked kicked out of the centerpiece of the administration's $75 billion plan to help distressed borrowers, while only about 340,000 homeowners have received permanent relief. Read more.


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