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Obama To Announce Housing Program After Three Years In Office And Past Failed Housing Announcements

RNC Communications - March 6, 2012

SHOT: AP: “Obama Holds News Conference, Unveils Housing Plan”:

“President Barack Obama is aiming mortgage relief at members of the military as well as homeowners with government-insured loans, the administration's latest efforts to address a persistent housing crisis. In his first full news conference of the year Tuesday, Obama was to announce plans to let borrowers with mortgages insured by the Federal Housing Administration refinance at lower rates, saving the average homeowner more than $1,000 a year.” (Jim Kuhnhenn, “Obama Holds News Conference, Unveils Housing Plan,” The Associated Press, 3/6/12)

CHASER: Obama’s Mismanagement Of The Housing Crisis Has Made The Recession More Painful For Millions Of Struggling Homeowners

“Housing Has Blown A Giant Smoking Hole In The Middle Of Our Economy, And The Consequences Continue To Impede The Pace Of Recovery.” “Here’s a reminder about a problem that still doesn’t get the attention that it deserves: Housing has blown a giant smoking hole in the middle of our economy, and the consequences continue to impede the pace of recovery.” (Binyamin Appelbaum, “Measuring Housing’s Drag On The Economy,” The New York Times’ “Economix,” 2/24/12)

  • “2.5 Million Homes Have Been Lost To Foreclosure Since 2009, An Additional 4 Million Are In The Foreclosure Process Or Seriously Delinquent …” “Meanwhile, 2.5 million homes have been lost to foreclosure since 2009, an additional 4 million are in the foreclosure process or seriously delinquent, and home prices are still falling in much of the U.S., shrinking household wealth for millions of Americans.” (Julie Schmit, “What Went Wrong With Foreclosure Aid Programs,” USA Today, 12/12/11)
  • “Housing Is More Than Half Of Our Problem.” “And, the paper says, ‘more than half the underperformance in this recovery is associated with housing-related sectors.’ Yes, that’s right. Housing is more than half of our problem.” (Binyamin Appelbaum, “Measuring Housing’s Drag On The Economy,” The New York Times’“Economix,” 2/24/12)

CHASER: Obama’s Housing Failures Have Helped Nowhere Near The 7 To 9 Million Homeowners He Promised They Would Help

PROMISE: President Obama Promised That His Housing Program Would Prevent 7 To 9 Million Families From Foreclosure. OBAMA: “And we will pursue the housing plan I'm outlining today. And through this plan, we will help between 7 and 9 million families restructure or refinance their mortgages so they can afford—avoid foreclosure.” (President Barack Obama, Remarks On The Home Mortgage Industry , Mesa, AZ, 2/18/09)

FACT: Obama Has Helped Only 1.7 Million Avoid Foreclosure Of The 9 Million Homeowners He Promised. “President Obama pledged at the beginning of his term to boost the nation’s crippled housing market and help as many as 9 million homeowners avoid losing their homes to foreclosure. Nearly three years later, it hasn’t worked out. Obama has spent just $2.4 billion of the $50 billion he promised. The initiatives he announced have helped 1.7 million people.” (Zachary A. Goldfarb, “Obama’s Efforts To Aid Homeowners, Boost Housing Market Fall Far Short Of Goals,” The Washington Post, 10/23/11)

  • The Administration’s Foreclosure Prevention Programs “Have Had Little Impact On The Overall Housing Sector.” “The administration is already using taxpayer funds from its $700 billion bank bailout program to help prevent foreclosures and give struggling Americans a reprieve on their mortgage payments. But the programs have had little impact on the overall housing sector.” (“White House Says Needs To Deal With Housing Problems,” Reuters, 6/5/11)
  • “To Date, Administration Programs Have Permanently Reduced The Debt Of Just One Tenth Of 1 Percent Of Underwater Borrowers.” (Zachary A. Goldfarb, “Obama’s Efforts To Aid Homeowners, Boost Housing Market Fall Far Short Of Goals,” The Washington Post, 10/23/11)

“The Failure Of Administration To Point To Any Successful Intervention That Helps Homeowners And The Persistence Of Weakness In The Housing Market Is Tailor-Made For Becoming A Political Football As This Campaign Heats Up.” “Housing experts warn the issue could become a problem for Obama if he does not take significant action. ‘The failure of administration to point to any successful intervention that helps homeowners and the persistence of weakness in the housing market is tailor-made for becoming a political football as this campaign heats up,’ said Barry Zigas, director of Housing Policy for Consumer Federation of America.” (Alexander Bolton, “White House Signals More Aggressive Stance To Protect Homeowners,” The Hill, 1/15/12)

Few Of Obama’s Housing Initiatives “Had Much Impact,” Because “Administration's Effort Did Little To Help” The Unemployed. “One of the main problems with Obama's foreclosure prevention program was that the housing crisis had already spiraled beyond unaffordable mortgage rates. Homeowners were defaulting because they didn't have jobs -- and the administration's effort did little to help them. In response, Obama rolled out a multitude of initiatives designed to help the underwater and the unemployed. But few of them have had much impact.” (Tami Luhby, “Has Obama’s Housing Policy Failed,” CNN Money, 1/18/12)

Obama’s Housing Policies Have Not Helped Anywhere Near The 7 To 9 Million Homeowners That He Said They Would. “The Obama administration's initial foreclosure-prevention programs, launched in early 2009, were intended to help 7 million to 9 million people. So far, they've aided about 2 million, and not all of those are out of foreclosure danger.” (Julie Schmit, “What Went Wrong With Foreclosure Aid Programs,” USA Today, 12/12/11)

  • “Programs Begun Later Have Also Faltered. One Intended To Help At Least 500,000 Has Helped Just A Few Hundred A Year After Its Launch.” (Julie Schmit, “What Went Wrong With Foreclosure Aid Programs,” USA Today, 12/12/11)
  • “Another Initiative To Extend $1 Billion To Help The Jobless Or Underemployed Avoid Foreclosure Ended In September, Obligating Less Than Half Of Its Funds.” (Julie Schmit, “What Went Wrong With Foreclosure Aid Programs,” USA Today, 12/12/11)

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