Obama's promise to help up to 9 million Americans avoid foreclosures "hasn't worked out.” In 2009, Obama promised that his housing program would prevent 7 to 9 million families from facing foreclosure.
And just like the rest of his economic policies, Obama has broken that promise and failed to help millions of Americans confronted with foreclosures.
In fact, since Obama has taken office, over 7.5 million properties have received foreclosure filings.
And only 1.7 million people have received any help on their homes, a number far short of the 7 to 9 million he promised.
Since President Obama Took Office, Over 7.5 Million Properties Have Received Foreclosure Filings. (RealtyTrac, Accessed 10/24/11)
- In 2010, One In Every 45 Housing Units Received A Foreclosure Filing. (Press Release, “Record 2.9 Million U.S. Properties Receive Foreclosure Filings In 2010 Despite 30-Month Low In December,” RealtyTrac, 1/12/11)
President Obama Promised That His Housing Program Would Prevent 7 To 9 Million Families From Foreclosure. “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 In Mesa, Arizona, 2/18/09)
President Obama’s Housing Programs Have Spent Only $2.4 Billion Of The $50 Billion Allocated, And Only Helped 1.7 Million Avoid Foreclosure Of The 9 Million Homeowners Obama 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)
Watch Rep. Dennis Cardoza (D-CA) Say Obama’s Ideas Are “More Of The Same” On Foreclosures. CARDOZA: “Thank you for having me on Chuck. I enjoyed my service in Congress. With regard to the president's housing proposal, I am very concerned that it's more of the same. ... But there’s been far too little and it’s taken far too long. …” (MSNBC’S “Daily Rundown,” 10/24/11)
Economy Housing Market