Obama Offers Meager Mortgage Assistance for Homeowners
Obama’s new mortgage assistance program looks great, until you realize that it’s 2 percent of the money he unsuccessfully gave banks to fix the same problem.
Jul 31, 202049.1K Shares1.4M Views
It is with great fanfare that President Obama will roll out his new planto help keep struggling homeowners from going into foreclosure. His $1.5 billion program will provide block grantsto states in which housing prices have dropped 20 percent from their all-time highs. Thus, only homeowners in Nevada, California, Arizona, Michigan and Florida will qualify.
Housing finance officials in those states will be able to use their block grants, upon receiving approval from federal officials, to help unemployed homeowners or provide assistance with new home purchases or mortgage modifications.
Speaking of mortgage modifications, the new program being launched today has only 2 percent of the funding given to Obama’s $75 billion mortgage modification programin which banks were supposedly paid to help the very same homeowners stay in their homes. According to reports out this week, that program has only given 20 percent of the nation’s reported 4 million struggling homeowners any assistance, which is probably why this new program is needed in the first place.
The fact that Obama thinks he can help a large number of homeowners in the five hardest-hit states with the very mortgage issues a program that cost 50 times as much was designed to resolve means either that the first program didn’t need that much money or that the banks who profited from it didn’t use their profits to help any American not employed by a bank.
Dexter Cooke
Reviewer
Dexter Cooke is an economist, marketing strategist, and orthopedic surgeon with over 20 years of experience crafting compelling narratives that resonate worldwide.
He holds a Journalism degree from Columbia University, an Economics background from Yale University, and a medical degree with a postdoctoral fellowship in orthopedic medicine from the Medical University of South Carolina.
Dexter’s insights into media, economics, and marketing shine through his prolific contributions to respected publications and advisory roles for influential organizations.
As an orthopedic surgeon specializing in minimally invasive knee replacement surgery and laparoscopic procedures, Dexter prioritizes patient care above all.
Outside his professional pursuits, Dexter enjoys collecting vintage watches, studying ancient civilizations, learning about astronomy, and participating in charity runs.
Latest Articles
Popular Articles