Foreclosures Up Again, Another Obama Failure
Home foreclosures jump…in spite of all of Barack Obama’s efforts to help homeowners stay in their homes.
Since he took office, Obama has been on something akin to a crusade to keep floundering homeowners in their houses and off the streets. Blaming banks and mortgage brokers for borrowers’ irresponsibility, the President and his big-government, anti-personal-responsibility pals in Congress implemented several programs to allow borrowers who couldn’t make their payments to keep the homes they couldn’t afford. But today we learn that foreclosures spiked yet again in the 3rd quarter of this year.
The Department of Housing and Urban Development‘s (HUD) website promises “Help for the Unemployed”, help for “Homeowners Like You”, and “Help for the Hardest Hit.” The site also offers visitors the opportunity to “Learn About Making Home Affordable.”
Learn About Making Home Affordable
The Obama Administration’s Making Home Affordable Program includes opportunities to modify or refinance your mortgage to make your monthly payments more affordable. It also includes the Home Affordable Foreclosure Alternatives Program for homeowners who are interested in a short sale or deed-in-lieu of foreclosure.
On his 2008 presidential campaign website, Change.gov, Obama promised help for “millions of homeowners who played by the rules can’t meet their mortgage payments and face foreclosure…” The idea that everyone facing foreclosure is some sort of victim in a corrupt system relieves the irresponsible of any personal responsibility.
Though many did play by the rules, the rules involved risks that too many failed to account for. Obama played the victim card for homeowners in trouble and refuses to acknowledge that any investment involves risk that must be accounted for by any responsible investor. Borrowers who bought homes with payments they couldn’t afford were betting the soaring prices would continue and rapid appreciation would cover their deficits. If someone borrowed several hundred thousand dollars and bought shares of a skyrocketing stock, then the stock suddenly crashed, would that investor be labeled a “victim”? The parallels are obvious.
Obama and his henchmen perpetrated this fraud on the American people, promising to right these “wrongs” and claimed their plan “provides direct relief to help America’s homeowners pay their mortgages, stay in their homes, and avoid painful tax increases while protecting taxpayers and not rewarding the bad behavior and bad actors [mortgage brokers and banks] who got us into this mess.” But today’s news proves his naivete.
The simple fact is, while some may have been swindled and actually defrauded when they bought their homes, the vast majority of those who find themselves in trouble are in that position because they made irresponsible decisions. All the President’s programs to help these “victims” of the economic downturn only enabled them to continue to live in houses they couldn’t afford. Failing to address the borrowers’ irresponsibility did nothing to change the behavior that put them in danger of losing their home in the first place.
Last quarter’s foreclosure provide the proof that another of Obama’s victim-making programs has failed ro accomplish its stated goals.
Tags: Obama, Making Home Affordable, HUD, Foreclosure, Mortgage
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