Wrong Turn: How Obama's Housing Policy Went Off Course

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Wrong Turn: How Obama’s Housing Policy Went Off Course

Wrong Turn: How Obama’s Housing Policy Went Off Course

HuffPO-

On a morning in February, less than a month into his presidency, Barack Obama walked onto a stage at a gym in Dobson High School in Mesa, Arizona, prepared to talk about the wave of home foreclosures wrecking neighborhoods across the county.

The plan Obama sketched out on Feb. 18, 2009 suggested a new use for taxpayer money: to pay mortgage companies to restructure those home loans held by struggling families. Together with a refinancing program, the plan would prevent “the worst consequences of said crisis from wreaking even greater havoc on the economy,” the new president said.

Georgina Solis, a teacher’s aide at the school, listened closely as she watched the speech on a TV in a classroom. Her husband had recently lost his job as a maintenance worker, and the family had fallen behind on their mortgage payments.

“I gave my vote to Obama because he’s a new hope,” Solis said in an interview at the time with the Arizona Republic. “I hope I’ll be able to keep my home because of his policy.”

But the clear path to recovery Obama described never materialized outside that Arizona gym.

[HUFFINGTON POST]

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2 Responses to “Wrong Turn: How Obama’s Housing Policy Went Off Course”

  1. Sarah says:

    Not a word in the entire article about cram down or changes to the Bankruptcy code. These are taboo, and must not be discussed as solutions with any seriousness. It would be akin to revolution, or otherwise uncivil to do so.
    Instead, the Huff, offers carefully edited detritus about bureaucrats and keystone cops struggling with great difficulty over the economic challenges of the day. Naturally, they all blame each other, but don’t be fooled. Obama lied repeatedly about cram down, never intending to be serious about any of it. We’re now supposed to vote for a corrupt political establishment that is filled with Banksters. They shrug, do nothing, and say “Banks own the place”. Another way of saying this is that “your vote doesn’t matter.”

  2. Charles Reed says:

    Sara my take on Obama in Feb 2009 was that how did this dude and his room of smartest people did not know what mortgage loan officers knew and that was the the foreclosures are not included into the bankruptcies. Next it was not realized that most of these loan that were to be modified had 2nd mortgage behind the 1st, preventing the modification if you did not have the 2nds subordinated. Next they had to develop a 2nd mortgage modification program agreement.

    This fix is the most screw up program man could build but blacks (I am black) will accuse me of being an Uncle Tom for pointing out that my less than 1yr old granddaughters could do just about the same level of bad putting together a so call solution. If your white criticizing Obama your a racist, not matter you trying to tell black that the dudes is an idiot and they will not get their home that was stolen illegally and it Obama who indirectly is the boss of the guy ordering you in and the kid be place at the curb of what uses to be the place you called home.

    It worked to 4yrs now that Obama who created failed program, where purposely he allowed the crook that stole your flat screen run the restitution program to determine whether he gives you back your TV along with the other few millions of stolen TV victims.

    At what point in the history of mankind are we allowing thieves the individual or group that violated the law run it own correction program? To big to correct!

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