Obama Plan on Foreclosures Helps Very Few

It's coming in now, the Obama plan on foreclosures helps very few, that is it really bites dead dog doo. The NY Times admits that the foreclosure relief plan, a so-called $75 billion program is bogged down in bureaucracy. Homeowners pay $3,000 up front to get a loan modification done, hoping to get a refund if the modification fails (good luck). Next the "loan counselor" calls WaMu or another bank holding the note, and sends an application.

The ridiculous behaviorist "incentive" is the bank is supposed to get $1,000 from the Fed Gov't to go through with the deal. Big doodie smelly style---NOT! So these applications are then lost in never never land and the phone calls go back and forth. That is why the only thing that will work is LaRouche's Homeowner and Bank Protection act. You have to force a freeze on foreclosure, and instead have homeowners send rent payments until the bubble can be winded down to realistic sums to keep people in their homes. This is more evil Obama administration BS.

From the NY Times, June 29, 2009:

Yet in the four months since the Treasury Department announced the program, millions of new homeowners have slipped into delinquency and foreclosure. ... Michael S. Barr, the assistant Treasury secretary for financial institutions: “They need to do a much better job on the basic management and operational side of their firms,” Mr. Barr said. “What we’ve been pushing the servicers to do is improve their infrastructure to make sure their call centers are doing a better job. The level of training is not there yet.” In a recent interview, Mr. Barr estimated the number at “over 50,000,” explaining that precise figures must wait for a soon-to-be-completed tracking system. By the end of August, the program should produce 20,000 loan modifications a week, he said.

Tom Kelly, a spokesman for JPMorgan Chase, which now owns Washington Mutual, affirmed the administration’s criticism. “We’ve done a lot,” he said, noting that the bank has added 950 loan counselors since the beginning of the year, bringing the total to 3,500. “But we’ve got a lot more to do.” ----Good luck fellows!!!