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" Borrowers in Obama housing program re-defaulting

306,000 borrowers have re-defaulted on their loans, SIGTARP says

Nearly 1.2 million mortgage modifications have been completed since the Home Affordable Modification Program (HAMP) was first launched four years ago. Yet more than 306,000 borrowers have re-defaulted on their loans and more than 88,000 are at risk of following suit, the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) found in its quarterly report to Congress.The Link



More info at link but This is priceless
""Treasury needs to research why so many borrowers are dropping out of the program," said Christy Romero, the head of SIGTARP.
 
Yes but if you think these people actually need to pay their mortgage bill you'll be called a racisit!
 
Lenders are racist when charging high rates to blacks and hispanics.

Lenders are racist to not want to modify mortgages.

Lenders are now racist for foreclosing per Felix Salmon at Reuters.

By this logic, we should just "spread the wealth around" and give minorities homes for free. All will be better.
 
That should have read more like this....

Nearly 1.2 million "Live America's Dream" Home Mortgage Modifications (LADHMM) have been completed since the Home Affordable Modification Program (HAMP) was first launched four years ago. Yet more than 306,000 LADHMM Borrowers have re-defaulted (RDF'd) on their LADHMM Loans (LADHMML) and more than 88,000 are at risk (AR) of following suit (OFL), the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) found in its Quarterly Report to Congress (QRC).

By the way, why is everything "affordable"?? Is it?
tongue.gif
 
Only a 25% default rate? Not bad!

They probably took whatever money they saved and spent like VY at the Nashville Cheesecake factory.

The Link
 
Actually when you add in the and more than 88,000 are at risk of following suit you get over 32%
The program is only 4 years old.
and this from the link
"Not only has the program fallen far short of that goal but with each year of the program, a growing number of homeowners have re-defaulted, the inspector general found.

so a four year program with over 32% in or near default and the number defaulting grows every year.
 
What was the total cost of this program (tax $$$) compared to it's effectiveness. Whomever ran the numbers had to estimate a re-default rate to determine the effectiveness of the plan. I wonder if the current numbers match those estimates?

On the surface, I don't like the bailouts of the individual homebuyers. I also don't like the Wall Street bailout either. Both sides should have been held accountable for their actions, IMHO.
 
Actually RV, that is a excellent observation and well-worth considering... "it's just that Rome is the poorest example you could have thought of."...

What you said stopped me in my tracks to pause and consider that the Rome comparison can be overdone, mostly by a much too simplified one-to-one mapping of variables from 2,000 years ago.

Not everything maps so precisely and evenly. More homework on my end.

Good point.
 
rv
Great! That you know about Rome. I actually didn't know Rome created entitlements


how long did Rome do this?
 
A lot of food stamps go to the working poor that may have two income earners in a place like Wal-Mart. Many families are so poor, school counselors tell me that they often wonder if the kids get a decent meal between when they leave school Friday and return Monday. Teachers and charitable organizations sometimes put protein bars and fruit in backpacks on Friday aftenoon so the kids will have energy when I come back to school.

When I feel like I've given all I can and still can't feed my own family, then maybe I'll ***** about food stamps, That will be long after I rail against crop subsidies that are sent most frequently to places like Manhatten NY or Marco Island Florida where they are cashed by people who live in zip codes with exceptional per capita income. That seems to be the way Tea Party Republicans in the House are willing to subsidize the agricultural industry. Personally, I think helping poor people get plenty to eat is a more humane way to put money in the pockets of farmers rather than by direct grant to landowners, often absentee or corporate. Personally, I can't help but feel hostility towards those so niggardly they would begrudge hungry kids a few decent meals each month.
 
You also need to decide where the Eastern (aka Byzantine) Empire fits in the equation. The Roman civilization lasted, in many respects, until the fall of Constantinople in 1453. This makes the Roman's (Republic and Empire) span about 2,000 years.
 
The empire is gone, but the civilization is still here don't you think?

On a personal note, I just randomly bought a couple of Penquin Classics a long time ago and let them sit around for a few years before I picked one up. I believe they were Livy's "The War with Hannibal" and Suetonius "The Twelve Caesars." I was rather shocked at how familiar their world was. I had the modern prejudice that we must have advanced quite a bit since the old days.

The thing that really jumps out reading Roman and Greek history is how pragmatic they were. Public issues are discussed in such straight forward ways.
 
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