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Obama’s Non-Plan For The Mortgage Crisis

RNC Communications - September 16, 2011

In an attempt to build support for the President’s second stimulus, within a highly critical democratic caucus, the White House scheduled a meeting to brief members on Obama’s new plan to stem the mortgage crisis. Democrats who were expecting to receive a briefing on “a very significant housing initiative” from Federal Housing Finance Agency director Edward DeMarco, were instead greeted by career employees who admitted that the agency didn’t know anything about President Obama’s plan to fix the housing market.

The Hill reports today on the furor this caused among members who were expecting more than lip service on the foreclosure crisis from the Obama administration:

“Leading House Democrats Are Accusing The Obama Administration Of Ignoring The Lingering Mortgage Crisis And Threatening Tens-Of-Millions Of Americans With Foreclosure In The Process.” (Mike Lillis, “Dems Rip White House For Going ‘AWOL’ On Mortgage Crisis,” The Hill, 9/16/11)

Rep. Dennis Cardoza (D-CA): “The Administration Has Been AWOL On [The Mortgage Crisis].” “‘The administration has been AWOL on this issue,’ charged Rep. Dennis Cardoza (D-Calif.), ‘and the American people are suffering because of the mismanagement.’ ‘In my entire political career, I've never seen anything this irresponsible,’ he added.” (Mike Lillis, “Dems Rip White House For Going ‘AWOL’ On Mortgage Crisis,” The Hill, 9/16/11)

Democrats Were Promised “A Very Significant Housing Initiative” But Now They Say No One At FHFA Knows Anything About It. “Cardoza said that, during a June 2 Democratic Caucus meeting with Obama at the White House, the president vowed to propose ‘a very significant housing initiative in September.’ ‘Today we just heard that they don't know anything about it at the FHFA,’ Cardoza said. Neither the White House nor the FHFA responded to requests for comment.” (Mike Lillis, “Dems Rip White House For Going ‘AWOL’ On Mortgage Crisis,” The Hill, 9/16/11)

Rep. Jim Costa (D-CA): “It Doesn’t Seem Like They Get It … Everything They’ve Tried So Far Has Not Worked.” “‘It doesn't seem like they get it, and they don't get it in this sense: Everything they've tried so far has not worked,’ Rep. Jim Costa (Calif.) said Thursday. ‘I'm not convinced that you can tweak this effort … and make it successful.’” (Mike Lillis, “Dems Rip White House For Going ‘AWOL’ On Mortgage Crisis,” The Hill, 9/16/11)

  • Costa Added That The Administration Is Sending Community Banks Conflicting Messages. “Another problem, Costa charged, is that the administration is sending community banks conflicting messages. On one hand, the White House is asking them to build up capital and write off their bad loans, he said. On the other, it's asking them to help struggling homeowners refinance in ways that would hurt the banks' bottom line.” (Mike Lillis, “Dems Rip White House For Going ‘AWOL’ On Mortgage Crisis,” The Hill, 9/16/11)

Yesterday’s Release Of Foreclosure Actions In August Highlights The Need For A Serious Plan From The White House To Stem A “Slew Of Foreclosed Properties”

“New Foreclosure Starts Rose Sharply In August, Signaling A Slew Of Foreclosed Properties Will Be Dumped On The Already Bloated Housing Market In Early 2012.” New foreclosure starts rose sharply in August, signaling a slew of foreclosed properties will be dumped on the already bloated housing market in early 2012. ‘Notices of Default,’ the first stage of the foreclosure process, rose 33 percent month-to-month, according to a new report from RealtyTrac.” (Diana Olick, “Flood Of Foreclosures Heading To Housing Market,” CNBC, 9/15/11)

Rick Sharga, Senior VP Of Realtytrac: “This Is Really The First Time We’ve Seen A Significant Increase In The Number Of New Foreclosure Actions.” “‘This is really the first time we've seen a significant increase in the number of new foreclosure actions,’ said Rick Sharga, a senior vice president at RealtyTrac. ‘It's still possible this is a blip, but I think it's much more likely we're seeing the beginning of a trend here.’” (“Mortgage Default Warnings Surged In August,” The Associated Press, 9/15/11)

  • In August, U.S. Foreclosures Increased 7 Percent And One In Every 570 Housing Units Filed For Foreclosure. (Press Release, “U.S. Foreclosure Activity Increases 7 Percent In August, Defaults Surge 33 Percent,” RealtyTrac, 9/13/11)
  • Defaults Increased 33 Percent, A Nine-Month High And The Biggest “Month-Over-Month Increase Since 2007.” (Press Release, “U.S. Foreclosure Activity Increases 7 Percent In August, Defaults Surge 33 Percent,” RealtyTrac, 9/13/11)

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