Saturday, December 5, 2009

Obama's Massive Foreclosure Prevention Plan Is A Failure

President Obama and the Democrat's $50 billion program to curb foreclosures isn’t working very well. The program may only be delaying the inevitable. A quarter of participants are already behind on their reduced payments. One large bank has reported 22% of participants failed to make even their first payment.

From the Washington Post:

...more than 25 percent of borrowers in the program were not current on their trial payments...

For example, at a conference last month, J.P. Morgan Chase, which signed up more than 178,000 homeowners, noted that 22 percent of borrowers helped didn't make their first payment.

No comments: