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“Something Of A Failure?”

RNC Communications - March 6, 2012

CNN’s Jessica Yellin Identifies Obama’s Housing Policies As “Something Of A Failure.” CNN’S Jessica Yellin: “If I had a chance to ask him a second question, I really would have asked him why is it that if this is so important, it took you three years to roll out this plan? Brooke, I’d point out that three years into his administration there are almost as many houses underwater as there were at the beginning of the administration, and he has rolled out more than 10 housing refinance plans in that time, so what's taken -- isn't this something of a failure to date?” (CNN’s “CNN Newsroom,” 3/6/12)

Obama’s Housing Programs Have Not Lived Up To His Promises To Help Americans

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) 

“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)

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