Obama Mortgage Plan Not Working

How many failed plans is elitist progressive Barack Hussein Obama going to have before the main stream media questions his abilities?  This isn’t community organizing now.  This is about families and the future of the American people. 

Obama’s mortgage plan to help homeowners is like all of his plans thus far, a failure.
Nearly one in 10 homeowners with mortgages was at least one payment behind in the third quarter, the Mortgage Bankers Association said in its survey. That translates into about five million households. Unless foreclosure modification efforts begin succeeding on a permanent basis which many analysts say they think is unlikely millions more foreclosed homes will come on the market.

The combined percentage of those in foreclosure as well as delinquent homeowners is 14.41%, or about one in seven mortgage holders.  Some of the delinquent homeowners are scrambling and will eventually catch up on their payments. But many others will slide into foreclosure. The percentage of loans in foreclosure on Sept. 30 was 4.47%, up from 2.97% last year.

As the subprime tide recedes, high-quality prime loans with fixed rates make up the largest share of new foreclosures. A third of the new foreclosures begun in the third quarter were this type of loan, traditionally considered the safest. But without jobs, borrowers usually cannot pay their mortgages.

“Clearly the results are being driven by changes in employment,” Jay Brinkmann, the association’s chief economist, said in a conference call with reporters.
“There will be a lot more distressed supply entering the market, and it will move up the food chain to middle- and higher-price homes,” said Joshua Shapiro, chief United States economist for MFR Inc.

The number of loans insured by the Federal Housing Administration that are at least one month past due rose to 14.4 percent in the third quarter, from 12.9 percent last year. An additional 3.3 percent of F.H.A. loans are in foreclosure.

Obama’s stimulus package hasn’t only not worked; it has made the economy worse.  Unemployment rises each month.  The cash for clunkers was a dismal failure unless you are Japan.  His mortgage program isn’t working more people are losing their homes. 

The deficit grows every second of every day and the economy gets worse.  Obama and his economic team are a horrendous failure.  America by the latest polls knows that this recession now belongs to Obama and the Democrats.  Be prepared it looks like this may be a double dip recession.

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