Foreclosure Program Could Be a Bit Bigger Faster Stronger

October 12th, 2009

The $50 billion anti-foreclosure program created by the Obama administration apparently isn't doing too hot, says a report, because it's not designed to mitigate foreclosures caused by unemployment. The report goes on further to say that the program targets the housing crisis "as it existed six months ago, rather than as it exists right now." The Home Affordable Modification Program has apparently helped 500,000 people so far, and hopes are that it'll eventually keep 4 million from losing their homes over the course of three years, but it's failing to capture a broader range of people. Recommendation? Expand and improve the program, as the benefits to communities and families of avoiding more foreclosures would probably outweigh the cost to taxpayers. A couple oversight committee members dissented on the vote, saying taxpayers are busy enough trying to pay their own mortgages to have to pay their neighbors'. Bailout arguments, pro and con: take two!
· Watchdog doubts goals of Obama loan relief plan [Boston]