Only 170,000 have completed the paperwork, while 1.1 million home owners have begun the process.
The program is having a tiny impact on America's high rates of foreclosures.
Las Vegas is hard-hit by foreclosures but fewer than 4,000 homeowners have completed the paperwork for the program.
Read more on Over One Million Enroll In Obama's Mortgage Modification Scheme…
Filed under Banks, Foreclosure, Politics, mortgage by Luke Ford
February 25, 2010
Freddie Mac's Losses Decline
That's about the only good news that I can find in the latest figures.
Freddie Mac says it does not need new federal government subsidies.
The Obama administration is taking its sweet time reforming these drunk on subsidies companies.
Filed under Politics, fannie mae, freddie mac by Luke Ford
February 10, 2010
Why Fannie Mae, Freddie Mac Went Broke
Because they follow the dictates of politicians.
Politicians, be they Republicans or Democrats, saw increased home ownership as an absolute good. They ended up sacrificing our entire economy for this false god.
Filed under Banks, Politics, fannie mae, freddie mac, mortgage by Luke Ford
February 9, 2010
I Want My Share Of Bailout Nation
All around me, I see folks taking advantage of bailout nation.
I have friends who work for the government who have good salaries and great benefits.
I see homeowners who are able to modify their mortgages with the help of government subsidies.
President Obama came out with his Making Home Affordable program. It's designed to help people struggling with their mortgage payments to modify their mortgages into something more affordable.
There's a big federal and state government push to reduce mortgage defaults. Home foreclosures drive down property values, which mean more people will go under water (owe more on their homes than it is worth).
Read more on Making Home Affordable Program Eases Up On Paperwork Requirements…
Filed under Banks, Foreclosure, Politics, mortgage by Luke Ford
February 2, 2010
The Bailout Tax Is Short On Deterrents
Los Angeles Times financial columnist Michael Hiltzik was disgraced three years ago when he was caught making positive comments on his work through an alias.
While half of his peers have been laid off since then, Hiltzik still has a job.
January 28, 2010
Was The Housing Bust The Banks Fault?
During his State of the Union address last night, President Barack Obama blasted the bank bailout.
It seems clear that Obama and the Democrats will make banks and Wall Street their enemy in the run-up to the 2010 elections. It was working in Massachusetts. Polls showed late-deciding voters edging to the Democrat. She had taken up this bank-bashing, Wall Street-bashing rhetoric in the last few days of the election.
January 7, 2010
Housing Market, Economy Appear Frail
Housing figures bounce up and down, but overall the past six months, the housing market has appeared steady.
That's largely because of massive government intervention to prop up home prices and reduce foreclosures.
The Federal Reserve has a program in place to buy $1.25 trillion worth of mortgage-backed securities to keep mortgage interest rates low and revive the housing market.
This program has been credited with keeping the housing market steady over the past six months.
Read more on Federal Reserve Conflicted Over Its Mortgage Intervention Program…
Filed under Banks, Foreclosure, Politics, Refinance, mortgage by Luke Ford
January 5, 2010
It's Going To Be Hard To Forget 2009
Sure, the Dow Jones average made a nice gain on the year.
Inflation stayed under control.
The rest of the economic news? Grim.
Banks believe they have a handle on things and don't seem eager to participate in the U.S. Treasury's trillion-dollar toxic asset program.
Filed under Banks, Foreclosure, Politics by Luke Ford