Official says a strong housing market is crucial for the economy
WASHINGTON - Only 12 percent of U.S. homeowners eligible for loan modifications under the Obama administration's housing rescue plan have had their mortgages reworked, and millions more foreclosures are coming, the Treasury Department said on Wednesday.
A Treasury report showed 360,165 people had their monthly payments reduced through August, up from 235,247 through July, but a senior Treasury official conceded much more must be done to soften the impact of a severe and prolonged housing crisis.
Treasury has begun releasing monthly reports on the loan modification program, called the Home Affordable Modification Program or HAMP.
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13 comments:
Another stupid bail-out that didn't
work.
This is an unbelievable problem. Many people have mortgages on properties which are worth less than the mortgage in today's market. The fact is that the previous market had been artificially manipulated upwards to benefit the banks. Easy credit proved to be a terrible temptation for many many Americans. Now there is no fix.
People must settle somehow on loans and debt they possess but cannot afford to pay. It is terrible.
6:36-Correct. If it's too good to be true, it's too good to be true. Call it for what it is. California, Florida, Arizona, and Nevada account for half of the foreclosures in the Country.
People got in trouble because they got sold. Sold homes they could not afford (realators) and loans that were corrupt (bankers). These guys go to psychological classes to learn how to sell, sell, sell.
I had a realtor,(A real one) 30/yrs plus tell me SHE had tried the federal goverment programs for people she new personally and that it was a waste of time, time the people involved didnt have. She said they care more about the people that they can sell this home to than they do keeping you in it at this point. I dont have the highest respect for realtors, but this hit home. She said its like the "Space Shuttle" when they say you are at (NO RETURN). Thats some scary ass shit right there folks. Theres peoples lives involved and their kids...
(You only get one shot at being a kid, then its just memories that wont go away).
The SHOW must go on.
It's free markets. Let the dummies who bought too high be stuck with their investment. Save only those who fell victim to the recession or personal disaster (laid off, injury, illness).
People are just plain stupid, they borrowed more then they could afford and they spend more then they make with little or no savings to speak of, and most lost their jobs because they were lazy employees which made them expendable. So, this mortage mess boils down to stupidity, greed and laziness. End of lesson...
The depression lasted approximately 11 years. The question is....will all of this ever peak?
7:26
Typical liberal response. In the liberal world no one is responsible for their own mistakes and expect the government to take care of them.
Perhaps the government should just not do anything and allow these people to lose their homes. Would you still be complaining then?
anonymous 11:47, I grew up learning, you win some and you lose some. THAT'S LIFE. Besides, you couldn't AFFORD to help them and that's why you wet pants liberals want ALL Americans to do it for you.
11:51 Show some compassion for your fellow man you cold hearted conservative. See I can use insults too. Doesn't accomplish anything though. People like you don't care about anyone but themselves. Love thy neighbor, but you people aren't as righteous as you claim to be. Us "wet pant" liberals are...
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