http://topics.nytimes.com/top/reference/timestopics/subjects/c/credit_crisis/housing_plan/index.html?scp=10&sq=housing%20&st=cse
This article describes a program that Obama initiated in light of the foreclosure crisis to help keep people in their homes.
The article gets into some of the elements that caused the program to lack effectiveness and eventually lead to its cancellation last month.
What do people think of these varying factors that impeded the program's success? I personally found the mistakes/ misinformation from the banks to be appalling.
Every time I hear about Obama, I think about his promises that he failed to keep and the amount of money that he has wasted on foreign aid and other stuff instead of on us. Government or the Fed should not be intervening in this crisis. They have done enough, and we can do this. We have the power to solve this problem.
ReplyDeleteI agree with both of you that this is appalling. I find it appalling that the banks are inefficient, lose paperwork, and unwilling to work with the customers. i am also very disappointed in our federal government. If this program has a $50 billion budget, more people should be than 600,000 people should be helped and more than $1 billion spent. IF our government was willing to spends billions on bank bail outs, it should be able to spend the money on the people who are affected by this crisis as well.
ReplyDeleteThis article reminded me of our readings from last week that detailed the process of going through a foreclosure or attempting to readjust ones mortgage. With all the roadblocks and roundabout processes people must go through, I am not surprised that this program failed. If the government is going to intervene save foreclosures they need to do more than drop billions of dollars into the mortgage industry.
ReplyDeletePaying even more heavily into the banks and the whole mortgage system seems like finding the man who robbed your house and paying him extra if he promises not to do it again.
ReplyDeleteThe program looks promising but I don't think the money has been spent wisely. 75 billion dollars could help a lot of people but the money is not going to the people.
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