It was Feb. 18, 2009, when President Obama proclaimed in Mesa, Ariz., that “through this plan, we will help between 7 and 9 million families restructure or refinance their mortgages so they can avoid foreclosure. By making these investments in foreclosure prevention today, we will save ourselves the costs of foreclosure tomorrow.” It’s now 2 1/2 years and $2.4 billion later, and Obama’s “foreclosure prevention” plan has been an abysmal failure: A mere 1.7 million people have received any “help” at all, housing prices continue to fall, and almost 11 million Americans remain under water, owing more on their mortgages than their homes are worth.
Recommended Stories
Print subscriber? Click here to login/register your account
Digital subscriber? Click here to login/register your account.