Bush Official: Mortgage Aid Not Working

[sabra]

Source: CBS News/AP

Housing and Urban Development Secretary Admits Failure Of Efforts To Prevent Foreclosures


(CBS/AP) Two government programs designed to help hundreds of thousands of delinquent borrowers avoid foreclosure are having negligible effects, a top Bush administration official acknowledged Wednesday. One program will be revamped immediately, and the other possibly in the near future.

Steve Preston, secretary of Housing and Urban Development, said both private industry and government efforts have fallen short as the foreclosure crisis has exceeded all but the most dire forecasts.

"The response has not kept up with the need," Preston said in a speech the National Press Club. "Many Americans who should be getting help are not getting help."

The "FHASecure" program announced in August 2007 has only assisted about 4,000 delinquent borrowers and "has really not met the need," Preston said.

Read more: http://www.cbsnews.com/stories/2008/11/19/national/main4619573.shtml?tag=topHome;topStories

[Tandalayo_Scheisskopf]

1. It is such a comfort...

That the maladministration worked so hard to hire the best and brightest in every field of governance from esteemed universities, such as Regent. :eyes:

[JawJaw]

2. "Revamped?"

So Bush continues to pour billions into his pet projects regardless of success, but a scheme designed to help ordinary people is allowed to die off quietly...

[Bake]

3. Here's the problem.

If you've been late on your mortgage more than twice in the past twelve months, you don't qualify. Most people facing foreclosure have been late more than that, and they're struggling to try to hold on.

Almost looks like it was failure (of the program) by design.

Bake

[jimmybama]

5. It's

the way the program guidelines are set up. You must have had a
late payment in the last 12 months and no more than 2
(stupid). AND your loan must have been a non government ARM
that has already adjusted and you can now no longer make the
payments. I know, I am a ex-mortgage professional. Most people
have gotten in trouble not mainly from the interest rate
adjustment but an accumulation of other factors as well. Such
as $4.00 gas along with $4.00 milk, credit card fee raises,
credit card interest rate increases, health care cost
increases, oh yea, let's not forget Bill Clinton, Jimmy
Carter, JFK,  Barney Frank, and Nancy Bulosi and all da rest
of them hooligans (sic)

[aquart]

6. As soon as Bush said "Ownership society" people should have known

they were going to lose every damn thing they owned.

[teknomanzer]

11. Pwnership society...

Everyone gets PWNED!

[saigon68]

4. No Shit ---N/T

[meow2u3]

7. The money is being misappropriated

It was supposed to go to banks and homeowners to free up the credit markets. Instead, it's going to bankroll the fat cats' already bloated personal bank accounts.

President Obama had better go after these mortgage companies, who are diverting the bailout money to his friends, for misappropriating the mortgage bailout funds. They're accepting the money, but not providing the services required by the law. That itself is a major crime.

STP to banks: if you're going to accept the funds for the bailouts, you had better provide homeowners with relief from foreclosure by restructuring the terms of the mortgage. Otherwise, GIVE THE DAMN MONEY BACK OR GO TO JAIL!!!!

[jayfish]

8. Is This Some Kind Of A Surprise?

As soon as the requirements for these programs were announced I :eyes: and prepared for this faux "ZOMG!!! it's not working" moment to arrive.

Jay

[closeupready]

9. Oh sure. I saw that, too. What a farce.

They aren't even half as serious about helping middle class homeowners as they are about the superwealthy who have irresponsibly run their companies and banks into the ground.

[Zorra]

10. Take the Money and Run

This here's a story about Bu*h, Paulsen, and Bernanke
Three rich old fascists with nothin' better to do
Than sit around the Whitehouse, get high, and rip off me and you
Here's what happened when they were almost through

Ran the country to the ground, stole all the money,
Begged the Congress to give them even more
Bu*h spread it around, to all the banker whores
Bernanke said, "Take the money and run"!

Go on take the money and run
Go on take the money and run
Go on take the money and run
Go on take the money and run

Karl Rove is a fascist from down in Texas
You know he knows just exactly what the facts is
Figured out how to let 'em all escape justice
He made his livin' by rippin' off our taxes

George Bu*h, whoa, whoa, he slipped away
Bernanke and Paulsen caught up to him the very next day
They got the money, hey
You know they got away
They headed down south, now they're down in Paraguay
Singin' go on take the money and run
Go on take the money and run
Go on take the money and run
Go on take the money and run
Go on take the money and run
Go on take the money and run
Go on take the money and run
Go on take the money and run

(Apologies to Steve Miller)