Much like ObamaNomics, Obama’s mortgage rescue plan is a major failure

Dick Morris’s latest article exposes the failure that is Obama’s mortage rescue plan:

The data for April and May prove that Obama’s plan to rescue those facing mortgage foreclosure is a dismal failure. Since this issue was the cornerstone of his economic program during the campaign, its abject failure is a significant setback for the Administration’s economic plan.

In the month ending on May 26th, 464,983 foreclosures of subprime and Alt-A mortgages (out of a universe of 3.2 million studied). So 15% of all subprime mortgages were foreclosed in May! Only 19,041 — a paltry 6% — were modified during this period. And of those modified, only 11,200 involved any reduction in the monthly payments! Only 12% involved any write-off of interest, fees, or principal and 27% of the loan modifications actually increased the monthly payments due.

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June 9, 2009 · Filed Under General Politics


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