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View Diary: Want to hear some GOOD news here about Obama's success in mortgage financing for once? (28 comments)

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  •  No one's claiming HARP hasn't helped. (9+ / 0-)

    But the fact is it took the Obama administration until 2012 to come up with a program that could even hope to help a relatively large number of people, when the foreclosure crisis began before 2009 (when the Obama administration came to be).  Tens of millions of people felt the horrible effect of foreclosure and eviction before the administration finally put together something that would help more than a very small number of people.

    And HARP still doesn't do anything to help those not in the sphere of Fannie or Freddie.  It took a massive lawsuit and some state AG's standing tough (after the Obama administration wanted them to settle for much less) to get anything out of the big banks, and even then it was a pittance compared to how much was stolen.

    •  And, I will note (4+ / 0-)
      Recommended by:
      viral, elwior, codairem, Woody

      HARP doesn't help those who are in most need of help: those who have fallen behind -- even by a single payment -- in their mortgage obligation.

      To be eligible, HARP applicants must have loans owned or guaranteed by Freddie Mac or Fannie Mae, have less than 20% equity and be current on payments.
      •  They have other programs to help those who are (1+ / 0-)
        Recommended by:
        Woody

        behind in their payments, people whose homes is worth less than they owe, people who had harp but defaulted and more. The lack of programs is not the problem
        Through the site they have contact for a free counselor to help you know what programs you qualify for (toll free, 24/7, dozens of languages). They help you apply, help with forms etc.
        Also a walk through that shows which programs to look into...

        They have the  programs, they don't have the banks that cooperate, no mandate was put in that if a person qualifies they get it. There is no good or clear complaint process
        Banks often profit more by foreclosing and that is legal.

        There probably are so many more that could qualify if they only knew...and some more recent settlements have made banks a touch more cooperative. Also many mortgages are no longer covered in a credit default package where everyone but homeowner could profit with a default...

        But oh so many faced horror stories going through application process and getting screwed over. timmy g oversaw the formation of this and he was determined the banks not lose a dime..

        These depended on the niceness of big banks. Oh that's reliable. It could have been magnificent, made a huge impact.

    •  Would you substantiate this claim? (0+ / 0-)
      Tens of millions of people felt the horrible effect of foreclosure
      We can start there.

      "The way to see by faith is to shut the eye of reason." - Thomas Paine

      by shrike on Wed Mar 20, 2013 at 05:54:14 PM PDT

      [ Parent ]

      •  Certainly. (3+ / 0-)
        Recommended by:
        chuckvw, codairem, Woody

        Here you are, please do the math to get the figures for 2009,2010. (this report only goes through 2011 but 2012 was better than 2011)

        RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its Year-End 2011 U.S. Foreclosure Market Report™, which shows a total of 2,698,967 foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 1,887,777 U.S. properties in 2011, a decrease of 34 percent in total properties from 2010. Foreclosure activity in 2011 was 33 percent below the 2009 total and 19 percent below the 2008 total.
        Surely you understand the amount of pain to the families behind those numbers? To the kids,the parents,the grandparents,the friends and the neighbors? While the fact that HARP is working and helping to allay this situation is indeed a very,very good thing,making light of the real pain felt by tens of millions (whether they only got one foreclosure notice or if they lost their home) isn't any kind of good at all.

         

        "George RR Martin is not your bitch" ~~ Neil Gaiman

        by tardis10 on Wed Mar 20, 2013 at 07:42:43 PM PDT

        [ Parent ]

        •  I didn't make light of it. I disputed "tens of (0+ / 0-)

          millions".

          Your finding supports my position.

          I hate hyperbole and bullshit, frankly.  There is much of both on this site.

          "The way to see by faith is to shut the eye of reason." - Thomas Paine

          by shrike on Wed Mar 20, 2013 at 07:55:46 PM PDT

          [ Parent ]

          •  Cash to the banks moved faster (0+ / 0-)

            Compare the speed of the program to bail out debtors to the speed of programs to bail out banks. Obama's crack team of top officials (basically on leave from their Wall Street careers) were able to shovel out billions of TARP dollars to the Too Big To Fail Banks in a matter of days. But as you admit, it's taken years to get a few thousand bucks to members of a lucky slice of debtors.

            So it wasn't tenS of millions who were foreclosed upon. Whoppee. My back of the envelope calculations from that snippet suggests almost 10 million homes were foreclosed upon. Figure 2.3+ persons per household ... Your nitpicking over whether 10 million is like 20 million, or not, does not help your argument.

            You seem to be sweeping aside the horror of the problem for the many millions not yet helped by these slow-moving programs -- simply to support your sunshiny view. In other words, your quibble is hyperbolic bullshit, frankly.

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