Another Obama failure
Joining the long list of Obama failures is the mortgage "rescue" plan that simply offered more of the same to homeowners in danger of losing their homes.
WASHINGTON (AP) -- The Obama administration's flagship effort to help people in danger of losing their homes is falling flat.
More than a third of the 1.24 million borrowers who have enrolled in the $75 billion mortgage modification program have dropped out. That's more than the 27 percent who have managed to have their loan payments reduced to help them keep their homes.
Last month alone, 150,000 borrowers left the program -- bringing the total to 436,000 who have exited since it began in March 2009.
Obama's love for subsidizing failure is costing all of us money we can't afford to lose. You can't fix a losing proposition by throwing more money at it.
WASHINGTON (AP) -- The Obama administration's flagship effort to help people in danger of losing their homes is falling flat.
More than a third of the 1.24 million borrowers who have enrolled in the $75 billion mortgage modification program have dropped out. That's more than the 27 percent who have managed to have their loan payments reduced to help them keep their homes.
Last month alone, 150,000 borrowers left the program -- bringing the total to 436,000 who have exited since it began in March 2009.
Obama's love for subsidizing failure is costing all of us money we can't afford to lose. You can't fix a losing proposition by throwing more money at it.