Watchdog Group Says Obama Foreclosure Plan Leaves Many Out

A watchdog panel overseeing the financial bailouts says a key Obama administration mortgage aid program will help only one in six families facing foreclosure.

The Congressional Oversight Panel says in a report Wednesday that the administration's plan lags well behind the foreclosure crisis.

The program gives mortgage investors and collection companies incentives to reduce borrowers' monthly payments. The Treasury Department says 230,000 homeowners have completed the application process and received permanent loan modifications. It says another 108,000 have been offered modifications but have not yet accepted them.

Panel chairman Elizabeth Warren says the program risks wasting billions of taxpayer dollars if the new monthly payments remain too high.

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  • by Jim Location: SC on Apr 14, 2010 at 06:46 AM
    And this is a surprise because???
  • by Excuses! Excuses! on Apr 14, 2010 at 05:56 AM
    Unless you've lost or may be losing your job because you've become disabled, neither the tax payers nor Obama should bail you out. Some people are losing homes they couldn't afford in the first place and now they're upset and blaming everyone else for losing their homes. Just like we need to stop taking care of young people that sit home to wait for checks, we shouldn't take care of people that tried to live beyond their means and hang with the Joneses. The last time I looked Obama was one man, the government is many, so stop blaming Obama for your problems; you didn't blame Bush. We all know it's because he's black and you want to blame him for everything.
  • by Big Al Location: Greene Co on Apr 14, 2010 at 05:38 AM
    It is a joke. We got current and wanted to get a better rate so we can live with out the struggle but no, We do not qualify. Now before you all go jumping let me tell why. I was a Paramedic and working and all my bills were being paid with no problem then I got hurt and cannot work anymore. I had money from workers comp but it ran out after 2 years.I applied for Social Security. I had paid into it for over 20years so I know that I should get it. I like a lot of others had to file bankruptcy due to mounting medical bills. I am not a beggar. So I waited for 3 years for the benefits after a hearing. I was told even after almost losing my house that I did not qualify. So now we are making barely making it. We did not take a loan we could not afford. We are thankful for what we got. But no thanks to O Bama and his great group of morons. This housing help is a joke!Just like The whole DC government! Leave all the taxes out and maybe we all can afford a house to live in!

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