The Obama Socialization of America fails again..

[koshergrl]

not that it matters to him or the other die-hard marxists....

"Kevin Glass outlined the results of an analysis performed by TARP’s inspector general, who concluded that Obama’s costly “Home Affordable Modification Program” (HAMP) has limped along, suffering substantial failure rates along the way:

Way back in 2009, President Obama’s Treasury Department launched the Home Affordable Modification Program, a massive authorization to help homeowners struggling with their mortgages in the wake of the financial crisis. 1.2 milllion people participated in the program at a cost to taxpayers of $4.4 billion. A report [pdf] dropped this week from the Office of the Special Inspector General for TARP (SIGTARP) that HAMP has a stunning failure rate. Of the 1.2 million HAMP participants, 306,000 have re-defaulted on their mortgages, at an additional cost to taxpayers of $815 million. What’s more, another 88,000 homeowners in the HAMP program have missed payments and are at risk to re-default.
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In 2010, the New York Times published a devastating evaluation of the administration’s emergency housing programs, determining that federal action was actually “adding to housing woes:”

The Obama administration’s $75 billion program to protect homeowners from foreclosure has been widely pronounced a disappointment, and some economists and real estate experts now contend it has done more harm than good. SincePresident Obama announced the program in February, it has lowered mortgage payments on a trial basis for hundreds of thousands of people but has largely failed to provide permanent relief. Critics increasingly argue that the program, Making Home Affordable, has raised false hopes among people who simply cannot afford their homes. "

Time for another Obama housing plan « The Greenroom
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[Gracie]

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[CrusaderFrank]

Meanwhile Fannie and Freddie continue to suck tens of billions out of the housing markets annually