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GOP Condemns Obama Administration For ‘Failed’ Mortgage Assistance Program

March 3, 2010 by  

GOP condemns Obama administration for 'failed' mortgage assistance program Republican lawmakers blasted the Obama administration’s mortgage assistance program last week, claiming that it has harmed the nation’s economic recovery.

Representatives Darrell Issa (R-Calif.) and Jim Jordan (R-Ohio) argue that the $75 billion Home Affordable Modification Program (HAMP), which provides incentives for mortgage companies to modify loans of qualified buyers, has failed "by every empirical measure" and is a waste of taxpayer’s money.

When President Obama unveiled the program one year ago, he said that it would help 3 million to 4 million homeowners avoid foreclosure, according to ABC News. As of last month, the Treasury Department estimated that 116,000 homeowners have received permanent loan modifications.

"[The] Treasury’s own data suggests that hundreds of thousands of homeowners would receive temporary modifications but fail to qualify for permanent ones, thus ultimately leading to default," said the lawmakers. "These homeowners would have been better off if they had defaulted earlier and spent the payments on more affordable housing options."

Officials with the Treasury Department have admitted that the treatment of borrowers has been a dilemma over the past year, according to the Associated Press. They are currently working on several consumer protection provisions, including barring lenders from foreclosing on homeowners while their applications are being considered.
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  • jomama

    How many more years of Obama we got left??

    • zack

      jomama just shortly after the 2010 elections he will be impeached Talking about a criminal- we have got one of the biggest crooks as commander and chief we have ever had. If dont get him out of there things are going to get nasty

  • Norm

    Bush/Cheney left the country in quite a mess.

    • Dave

      Agreed. But YOUR guy said he would fix everything…first America, then the world, and finally the universe. Everything he does just makes a bigger mess. If he were running today, do you actually think he would have any chance at all of winning?? Make sure to tell your kids/grandkids that you’re sorry you mortgaged their future so that your “progressives” could feed at the bottomless taxpayer trough.

      • s c

        Dave, you did this web site a big favor. You said obummer is supposed to be a ‘fixer.’
        So far, we can’t trust him to replace a light bulb, let alone “save” the nation.
        If, after all that ‘education,’ obummer can’t save the nation (OR replace a light bulb OR read from a teleprompter), he should be an apprenticed janitor who doubles as a part-time community organizer. That way, he can live up to his full potential.
        Plus, Chicago would be glad to have him back. So when does he start his new job?

      • Fed Up Gal in NM

        Perfecto, Dave!

        Fed Up Gal

    • JW

      IF YOU REMEMBER THROUGH THE FOG THAT APPARENTLY CLOUDS YOUR BRAIN THAT IT WAS THE DEMARATS THAT TOOK OVER POWER IN THE HOUSE AND SENATE IN 2006 THAT STARTED THIS DOWNWARD SPIRAL. BUSH AND CHENEY HAD LOST CONTROL AT THAT POINT IN TIME.

    • Fred

      What was the president’s name who signed the 1999 Financial Reform Act? It didn’t start with a “B”. And what was the name of the two political parties that voted for the act? Looking at the voting record, the seem to begin with a “D” and a “R”. I don’t remember seeing an “I”. Please put the blame where it is due. Congress still hasn’t undone what they did back in 1999. If they did, they would have to admit they made a mistake. It is easier to blame someone else.

      • Harold Olsen

        I disagree. Congress would not have to admit that they made a mistake. They’d have to admit that they are just plain incompetent.

    • Fred

      I should say his Last Name did not start with a “B”.

    • L, USA

      Where’s the money now?

    • DALE H

      there are more government programs to help the banks make more money with a foreclosure or shortsale than there are programs to help the consumer. AS a real esate agent i see it everyday. the real reason these banks are doing what they are is pure profit. the problem is not the Bush and Cheney but 15-20 years ago there was a push from minority grougs to make homes available for everyone that wanted to have the American dream. lending guidelines and requirements when down people came in droves to buy, the builders went crazy, and demand pushed prices up at in crediable rates creating a bubble and we all know where it went from there. people do not understand that the impact of presidential polices are not felt until long after that president is gone

    • Warrior

      It can’t be Big “O”s fault because Bawrney told him to say all that. Now there’s one of the real culprits that must be gotten rid of.

    • DaveH

      Don’t forget that in the last two years of the Bush Administration, Congress was controlled by Democrats.
      And I’m sure Bush could blame the economy he inherited on Clinton. But what’s the point? Who cares who made the mess, let’s just clean it up.
      Big Government is the Problem, Not the Solution.

      Vote Libertarian!
      http://libertarianparty.org/platform

      • Joe H.

        DaveH,
        you’ll be glad to know that my wife and I both took the test that Beck has on his site and we both scored in the Libertarian area.

        • DaveH

          Cool.

        • http://wwwNRA.com Stephaan

          Joe, If you didn’t score 100% Libertarian, then I don’t think we can be friends anymore ;-)

        • JC

          That’s great news…now show all your friends the same test.

      • Joe H.

        DaveH,
        Obummer said today to let your voice be heard if you support the health care bill, I think we should contact our congressmen and flood their E-mail and let them know we are NOT in support of it!!! He wants to hear about it I say we let him know in spades!!!!

        • DaveH

          And it’s important, Joe, to tell them that you don’t want any compromise that will grow government involvement in the Healthcare system. They need to rescind laws, not create more. Personally, I don’t think they’re up to that, so the safest thing would be to just vote “No” on any Healthcare Bill.
          And remind them that they have no Constitutional powers to regulate Healthcare.

          • Joe H.

            All of you out there that don’t support this plan, call, E-mail, fax, and mail your concerns to your reps and let them know you want it stopped. Let them know their job is at risk as 70% of We The People do not support or want it!!!! We need to stop this crap!!!!! We are the ones that are going to pay for it! You may not be working right now, but you will be paying for it in the long run if you are a worker and are really looking for a job!!!!

    • momof4

      Norm, will you please man up and stop whining it’s Bush’s fault wawawa. I am so sick of it.

    • zack

      norm-you sick a##hole go crawl back into your baby bed. be sure to change diaper first you stink

    • Roberta Schoen

      Bush/Cheney had to fight with Nancy Pelosi and Harry Reid…the big reason they quit trying…and.the difference in Nixon and Obama??…Nixon had a break-in..Obama got four people killed..!…

  • http://dendrobiumman@aol.com joseph schwab

    What part of the word NO,does are president not understand,the N or the O? No means no government controlled health care.First fix the fraud and abuse in Medicaid and Medicare.Why would any sane human being want the same people people doing the same thing over and over again and expecting different results be in charge? That would be insanity.

    • L, USA

      jo, Knock…Knock…Knock… Someone’s knocking.

    • momof4

      Joseph,
      He really does not care what the American people want. Because he thinks he is smarter and knows better then you. Besides this is not about health care as much as it’s about power and control. But I am planning on making lots of calls to DC.

  • Joe H.

    I don’t understand the big surprise over this! So far, everything Obummer does stalls the recovery!!!

    • Michael J.

      JoeH,
      Obama never intended to fix anything in the first place.

  • J.M.R.

    i got one better what excuse for an american signed the start of the housing mess? well is was a liberal by the name of jimmy [the peanut] carter. everyone needs a home even when they cant pay for it. the libs will spread the wealth so someone else can pay for it.

    • s c

      JMR, you got it. Peanuts Carter was in over his head. Like Peanuts, Obummer doesn’t have a clue – and doesn’t want one. Obummer is too busy trying to be a reincarnation of FDR (with a saul alinsky twist).
      The only way a useful idiot, ultraliberal progressive might come close to understanding what is so WRONG about spending and wasting other people’s money is if THEY were FORCED to waste and
      spend THEIR money like they want to spend and waste OURS.

      • Roberta Schoen

        I agree with your comment..!

    • Fed Up Gal in NM

      Excellent point, J.M.R.!

      Fed Up Gal

  • Dale

    In the late 90′s the Community Reinvestment Act, originating in the Kartah years was put on Steroids by the Klinton regeme. Mortgages for all, raise your hand, promise to get a job and buy a new house. Do you want more money for a new car maybe and furniture?
    This led to many Trillions in mortgages that would never be paid back. Fannie/Freddie sold these mortgages, they were bundled into worthless Derivitives and given fraudulent AAA ratings, then sold all over the planet. Bush actually tried to reign in F/F twice in 2003 and 2005, but Fwank, Dodd, Watters and co. made sure the little people would not be affected. Then the chit hit the fan . . . as predicted by many in 2008. Nothin has been fixed, the Bamster and co. gave F/F a blank check at Christmas . . . more of this to come, plus the failing Commercial sector. Long way from out of the woods I would say . . .

    • s c

      Absolutely, Dale. AND, it was Greenspan himself who ‘blessed’ the concept known as derivatives (why don’t more people know that?). Ben the Boob [aka helicopter ben] took over for Greenspan, and Ben is doing a magnificently inferior and incompetent job – just like Greenspan.

    • Joe H.

      Dale,
      that phrase “a mortgage for all” reminds me of something, I just can’t get what it is……Oh yeah!!! A chicken in every pot!!!!! Another “changer”!!!!

  • JeffH

    My brother lost his house to that “so called” modification. His house was foreclosed upon after one year of a five year mod, even though he had met the terms of his temp modification. That really saved his butt, and I lost several thou that I put up for that initial mod.

    • Fed Up Gal in NM

      JeffH,

      You are so right! Obama’s so-called help those in or close to bankruptcy is a joke. Even if he really intended it to work (doubt it)….he had no real plan in place…just smoke screens to get those folks behing the Democrats! I posted a link on one of the other articles, about this very subject.

      Fed Up Gal

  • KopaiF

    I strongly believe that the only mail worth commenting about here is Dave’s first mail in response to the prior mail that Bush/Cheney left the country in quite a mess. (Dave says:
    March 3, 2010 at 8:10 am
    Agreed. But YOUR guy said he would fix everything…first America, then the world, and finally the universe…)”. Why can’t you guys be men enough to really say why you deeply dislike or fear this President. By the way, his name is President Barack Obama – not Obummer. If you must hate anyone – should it not be the culprit(s) of this economic mess we are going through today? Dave, you agreed that Obama did not cause this but you failed to acknowledge he is doing everything possible to help America become financially strong again.

    I am very confident that President Obama will succeed. When he does, I am also certain (without any reservations) that there will still be individuals saying that the success had nothing to do with him – they’ll say it just happen. We need to support our President, most especially, during these tough times. We should also feel very blessed that our President during these tough times is President Barack Obama.

    • blackhat

      Kop, you are so right on! The prez has and will succeed! He has succeeded in raising the deficit higher than all other presidents combined, failing to send relief to our own citizens during the midwest floods, continuing to support the now debunked “climate change”, funding abortions overseas, nationalizing several car companies, ordering the firing of privately owned companies, embarassing us by giving inappropriate gifts and comments to foreign leaders, appointing a plethora of unaccountable “czars”, trying to appoint tax cheats and known communist sympathizers to cabinet posts, presiding over an alarming jobs loss rate, alienating our closest allies, and he has emboldened Russia, China, Iran, etc. Need I go on? Oh yeah, and what about health care? He has succeeded in…uhhh…

      • Joe H.

        blackhat,
        Let’s not forget the news yesterday about another govmint failure! The good ole’ post office!!!! I believe what they said was 5 billion in debt and failing. They are talking about suspending Saturday delivery!!!! This is the same guvmint that will control health care???? gimme’ a break!!!

    • Paddy

      You are correct in saying that he will succeed.
      The President is succeeding in destroying this country.
      Thanks to him the economy is in a real mess and getting worse. He cannot blame anyone else.
      The grand children will be paying off the debt he has created. There is no one to blame but him personally.
      He is weakening the security of this country.
      He has absolutely no class in dealing with Royalty or foreign leaders. What a disgrace for this wonderful country.
      How much more can America take from this man?

    • s c

      KopaiF, you’ve convinced me that if a certain type of a politician waits long enough, he can convince anyone of anything. While it may be a useful ‘social skill’ in the DC area, it doesn’t make America better, and it won’t get you or Obummer 72 virgins when you’re gone.
      You are a dedicated Ponzi fan, aren’t you?

    • Joe H.

      kopaiF,
      If I didn,t know his mother was dead, I would swear you were she, Obummers mom!!! You ARE related, right???

    • DaveH

      It’s obvious, Kopai, that you know little about economics. We can’t spend our way out of a recession, any more than your family could spend their way out of debt. If spending was the solution, there would be no poor countries. Anybody can spend money. It doesn’t take any special talent.
      It is productivity that makes any economy, and people aren’t productive when Government is taking their money, or meddling in their business affairs, or indebting their children and grandchildren.
      Anyway, get some Crow ready, because you will be eating it in a couple of years, unless there is a Sea-Change in Congress next fall.

    • momof4

      Kopaif,
      Sorry I will never support our Marxist president,No way no how.

    • http://wwwNRA.com Stephaan

      Kop out;
      Yeah, we’ll support Obummer just like you and all your rat liberal socialists supported President Bush! You and your liberal ilk blamed him during his entire presidency, AND YOU’RE STILL BLAMING HIM! You see how this works? You get what you give pal!

  • blackhat

    Let’s see that’s about $647,000 (give or take) per home owner “saved”. Wow, another great investment! Sorry to hear about you and your bro Jeff.

    • JeffH

      blackhat, thanks, we’re both good survivors and will make it just fine.

      • Joe H.

        JeffH,
        give your brother my best!

        • JeffH

          Thanks Joe H. Like I said, we have landed on our feet and he has a strong faith as well as genuine friendships(both of us). Our neighbors are even considering making an offer on his house and having us move back in. Either way, we don’t miss any meals and are able to watch FOX to stay abreast of any breaking news.
          Thanks for your kindness, much appreciated.

          • Joe H.

            JeffH sounds like you have some REAL American neighbors!!!! God Bless them, too!!!

  • Palin12

    This may be a little off-topic, but I read that nancy pelosi charged the US taxpayers for $100,000 worth of booze over 2 years while flying in Air Force jets to and from DC and Frisco. $100,000! My God I couldn’t drink that much booze in my lifetime. Why are these politicians able to waste so much money at times like these? This needs to stop!

    Article: http://www.leftcoastrebel.com/2010/01/nancy-pelosis-bar-tab-proves-that.html

    • DaveH

      I think we need some Real Change! Clean the House in 2010 (and the Senate too).

    • Joe H.

      Palin12,
      she buys so much as she bathes in it so at least the winos and drunks will think she’s pretty and want to snuggle!!YEACH! YUCH!! EUCH!!

      • Palin12

        All that plastic surgery and she’s still ugly!

        • http://wwwNRA.com Stephaan

          LOL Palin, you’ll also notice that her plastic surgeon doesn’t use her photo on his advertising. hmmm, go figure ;-)

    • http://wwwNRA.com Stephaan

      Palin;
      Piglosi thinks that the taxpayers money is for her exclusive use for her own personal comfort and gratification. Her $1,000. booze bill is nothing compared to her new taxpayer funded jet bill.
      Remember how she has to have the BIGGER jet to fly from Wash. D.C. home to Cali every week (and back), because she wants to take more people with her in “comfort” and doesn’t like having to re-fuel with the smaller jet. The cost is double or more what the smaller one was. Talk about a WASTE OF TAXPAYERS MONEY, not to mention the greater amount of fuel the big one uses. All this while the liberal socialist biatch tells us to save fuel and drive eco friendly cars like Priuses. What a hypocritical gold digging money whore!!

    • JC

      That would be to make her seem more appealing to others.

  • http://wwwNRA.com Stephaan

    With anti-American czars like these how can Osama succeed at anything except ruining America and the Constitution?

    The Commander & Cheats appointed czars. Read who they are and what they want to do.

    Czar Position: Summary

    Richard Holbrooke: Afghanistan Czar
    Ultra liberal ANTI GUN former Gov. of New Mexico. Pro Abortion and legal drug use. PRIMARY OBJECTIVE, IS TO DISSOLVE THE 2ND AMENDMENT.

    Ed Montgomery: Auto recovery Czar
    Black radical anti business activist. Affirmative Action and Job Preference for blacks. Univ of Maryland Business School Dean teaches US business has caused world poverty. ACORN board member. Communist DuBois Club member.

    Jeffrey Crowley: AIDS Czar
    Radical Homosexual.. A Gay Rights activist.. Believes in Gay Marriage and especially, a Special Status for homosexuals only, including complete free health care for gays.

    Alan Bersin: Border Czar
    The former failed superintendent of San Diego . Ultra Liberal friend of Hilary Clinton. Served as Border Czar under Janet Reno to keep borders open to illegals without interference from US

    David J. Hayes: California Water Czar
    Sr. Fellow of radical environmentalist group, Progress Policy. No training or experience in water management whatsoever.

    Ron Bloom: Car Czar
    Auto Union worker. Anti business & anti nuclear. Has worked hard to force US auto makers out of business. Sits on the Board of Chrysler which is now Auto Union owned. How did this happen?

    Dennis Ross: Central Region Czar
    Believes US policy has caused Mid East wars. Obama apologist to the world. ANTI GUN and completely pro abortion.

    Lynn Rosenthal: Domestic Violence Czar
    Director of the National Network to End Domestic Violence. Vicious anti male feminist. Supported male castration. Imagine?

    Gil Kerlikowske: Drug Czar
    devoted lobbyist for every RESTRICTIVE GUN LAW proposal, Former Chief of Police in Liberal Seattle. Believes no American should own a firearm. Supports legalization of all drugs

    Paul Volcker: Economic Czar
    Head of Fed Reserve under Jimmy Carter when US economy nearly failed. Obama appointed head of the Economic Recovery Advisory Board which engineered the Obama economic disaster to USeconomy.. Member of anti business Progressive Policy organization

    Carol Brower: Energy and Environment Czar
    Political Radical Former head of EPA – known for anti-business activism. Strong ANTI-GUN OWNERSHIP.

    Joshua DuBois: Faith Based Czar
    Political Black activist-Degree in Black Nationalism.
    ANTI GUN OWNERSHIP lobbyist.

    Cameron Davis: Great LakesCzar
    Chicago radical anti business environmentalist. Blames George Bush for Poisoning the water that minorities have to drink. No experience or training in water management. Former ACORN Board member (what does that tell us?)

    Van Jones: Green Jobs Czar
    (since resigned).. Black activist Member of American communist Party and San Francisco Communist Party who said Geo Bush caused the 911 attack and wanted Bush investigated by theWorld Court for war crimes. Black activist with strong anti-white views.

    Daniel Fried: Guantanamo Closure Czar
    Human Rights activist for Foreign Terrorists. Believes America has caused the war on terrorism. Believes terrorists have rights above and beyond Americans.

    Nancy-Ann DeParle: Health Czar
    Former head of Medicare / Medicaid. Strong Health Care Rationing proponent. She is married to a reporter for The New York Times.

    Vivek Kundra: Information Czar
    Born in New Delhi, India. Controls all public information, including labels and news releases. Monitors all private Internet emails.

    Todd Stern: International Climate Czar
    Anti business former White House chief of Staff- Strong supporter of the Kyoto Accord. Pushing hard for Cap and Trade. Blames US business for Global warming. Anti- US business prosperity.

    Dennis Blair: Intelligence Czar
    Ret Navy. Stopped US guided missile program as provocative. Chair of ultra liberal Council on Foreign Relations which blames American organizations for regional wars.

    George Mitchell: MideastPeace Czar
    Fmr. Sen from Maine Left wing radical. Has said Israel should be split up into 2 or 3 smaller more manageable plots. (God forbid) A true Anti-nuclear ANTI-GUN & pro homosexual “special rights” advocate

    Kenneth Feinberg: Pay Czar
    Chief of Staff to TED KENNEDY. Lawyer who got rich off the 911 victims payoffs. (horribly true)

    Cass Sunstein: Regulatory Czar
    Liberal activist judge believes free speech needs to be limited for the common good. Essentially against 1st amendment. Rules against personal freedoms many times like private GUN OWNERSHIP and right to free speech.

    John Holdren: Science Czar
    Fierce ideological environmentalist, Sierra Club, Anti business activist. Claims US business has caused world poverty. No Science training.

    Earl Devaney: Stimulus Accountability Czar
    Spent career TRYING TO TAKE GUNS AWAY FROM AMERICAN CITIZENS! Believes in Open Borders to Mexico . Author of statement BLAMING US GUN STORES for drug war in Mexico .

    J. Scott Gration: Sudan Czar
    Native of Democratic Republic of Congo. Believes US does little to help Third World countries. Council of foreign relations, asking for higher US taxes to support United Nations

    Herb Allison: TARP Czar
    Fannie May CEO responsible for the US recession by using real estate mortgages to back up the US stock market. Caused millions of people to lose their life savings.

    John Brennan: Terrorism Czar
    Anti CIA activist. No training in diplomatic or gov. affairs. Believes Open Borders to Mexico and a dialog with terrorists and has suggested Obama disband US military

    Aneesh Chopra: Technology Czar
    No Technology training. Worked for the Advisory Board Company, a health care think tank for hospitals. Anti doctor activist. Supports Obama Health care Rationing and salaried doctors working exclusively for the Gov. health care plan

    Adolfo Carrion Jr: Urban Affairs Czar
    Puerto Rican born Anti American activist and leftist group member in Latin America . Millionaire slum lord of the Bronx , NY. Owns many lavish homes and condos which he got from sweetheart deals with labor unions. Wants higher taxes on middle class to pay for minority housing and health care

    Ashton Carter: Weapons Czar
    Leftist. WANTS ALL PRIVATE WEAPONS IN US DESTROYED. Supports U.N. BAN ON ALL PRIVATE FIREARMS OWNERSHIP IN AMERICA. Has no other policy

    Gary Samore: WMD Policy Czar
    Former US Communist. Wants US to destroy all WMD unilaterally as a show of good faith. Has no other policy.

    How lucky are we that these are the people who are helping Obama in the RUINING of our Constitution and our country.

    • Fed Up Gal in NM

      Stephaan,

      How very sad is this? It’s like a never-ending nightmare!

      Fed Up Gal

  • Roberta Schoen

    The people in the White House are bad enough..but I blame the masses who put them there..If America does not wake up…there wont be one to worry about..!!..

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