Among the bevy of disappointing economic news in the last 48 hours, Standard & Poor reported that the Home Price Index dropped to its lowest level since 2002. This news confirms that the nation’s housing market is indeed in a double-dip. The driving force behind this renewed decline is the effect that millions of foreclosed homes are having on the market. Last month, 37 percent of all homes sold were distressed properties at some stage in the foreclosure process.
Despite President Obama’s promise to prevent nine million homeowners from entering foreclosure, the administration’s signature mortgage modification program, HAMP, has fallen drastically of that goal. The latest report from the program states that only 587,000 homeowners have received a permanent modification.
In January, the program’s Special Inspector General Neil Barofsky delivered a damning assessment of the administration’s nearly two year old HAMP program.
“[I]t is TARP’s failure to realize its most specific Main Street goal, ‘preserving homeownership,’ that has had perhaps the most devastating consequences. Treasury’s central foreclosure prevention effort designed to address that goal — the Home Affordable Modification Program (“HAMP”) — has been beset by problems from the outset and, despite frequent retooling, continues to fall dramatically short of any meaningful standard of success.”
Yesterday, ABC’s Jake Tapper pressed Jay Carney on what the administration plans to do about this crisis and called Obama on his failure to meet his own benchmarks for success. Unfortunately, like so many of their responses to this economic crisis, Carney chose to bide his time spinning for Obama’s reelection campaign, leaving Americans with a response that we can’t afford to hear for another four years – “We’re Working On It.”
Watch Carney’s torturous response below:
Text "RECLAIM" To 91919 To Join The GOP Mobile Army
Economy Housing Market