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They Said It! Democrat Congressman Lists Out Obama’s Failed Housing Programs

- November 16, 2011

Democrat Congressman Lists Out Obama’s Failed Housing Programs   

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Rep. Elijah Cummings (D-MD):  “What I have seen is an agency that basically has to be dragged to do its work by the Congress. Let's look at performance. HAMP, the Home Affordable Modification Program was supposed to help 3 million and 4 million homeowners modify their loans. So far it has helped fewer than 800,000, is that true?”

Federal Housing Finance Agency Director Edward Demarco: “I believe that's correct for the HAMP program. It's not a correct reflection of the home modification activity of Fannie Mae and Freddie Mac.” 

Rep. Cummings:  “So with regard to HARP, the Home Affordable Refinance Program, that was supposed to help between 4 and 5 million borrowers refinance at lower rates – so far few than 900,000 have been refinanced, is that right?”

Demarco:  “There have been over 900,000 HARP refinances, to date. And as you know, Mr. Cummings, from the changes that we've made to that program, recently we're expecting an uptick in that of a meaningful amount.”

Rep. Cummings:  “Of course we are. But we're talking about what we've done to date. These gentlemen, they're making this money now. Not, not, not as you know, tomorrow. I'm talking about today.”

Demarco:  “Yes, sir.” (Committee On Oversight And Reform, U.S. House Of Representatives, Hearing, 11/16/11)

THE FACTS ON OBAMA’S FAILED HOUSING PROGRAMS

The Emergency Homeowners' Loan Program Is “The Most Recent Example Of Such An Effort Falling Short Of Goals.” “A federal initiative that gives bridge loans to homeowners struggling to make mortgage payments will likely pay out less than half the $1 billion that Congress allotted for the program, the most recent example of such an effort falling short of goals.” (Joseph De Avila, “Mortgage Aid Falls Short Of Its Goal,” The Wall Street Journal, 9/29/11)

  • Only 10,000 To 15,000 Homeowners Qualify For Aid. “Even after a Tuesday deadline for applicants to submit documentation was extended by two days, officials at the Department of Housing and Urban Development estimated that only about 10,000 to 15,000 homeowners will ultimately qualify. That would mean between $500 million and $670 million of the program's funds will be returned to the U.S. Treasury.” (Joseph De Avila, “Mortgage Aid Falls Short Of Its Goal,” The Wall Street Journal, 9/29/11)

“The Alphabet Soup Of Housing Assistance Programs To Date -- HAMP, HARP, EHLP, 2MP -- Have Been Too Poorly Administered And Too Limited In Scope And Eligibility To Slow Or Halt The Slide In The U.S. Housing Market.” “Only 2 percent of President Obama's speech to Congress on Sept. 8 dealt with the plight of underwater homeowners, but those 72 words could do as much or more for the flagging U.S. economy as the entire $447 billion jobs bill. Especially if the White House is willing to think big. That's a big if, given that the alphabet soup of housing assistance programs to date -- HAMP, HARP, EHLP, 2MP -- have been too poorly administered and too limited in scope and eligibility to slow or halt the slide in the U.S. housing market.” (Eric Wieffering, “Fixing economy Requires More Work On Housing,” Star Tribune, 9/17/11)

Only 900,000 Homeowners Have Been Helped By HARP, Which Was Estimated To Assist Between 3 And 4 Million. “The program was estimated to help between 3 million and 4 million homeowners, but lenders are not required to participate, and fewer than 900,000 homeowners had benefited from HARP through August, FHFA said this week.” (Mike Lillis, “House Democrats Hammer New Obama Mortgage Crisis Response As Insufficient,” The Hill, 10/24/11)

James Parrott, WH Economic Advisor: HARP “Hasn’t Worked.” “Regulators are revamping a program rolled out two years ago, the Home Affordable Refinance Program, or HARP, which lets borrowers with less than 20% in equity refinance if their loans are backed by Fannie Mae or Freddie Mac. President Obama announced HARP roughly one month into his presidency. So far, only 894,000 borrowers have used it, of which just 70,000 are significantly underwater. ‘It hasn't worked,’ said James Parrott, a White House economic adviser, in a speech last month.” (Nick Timiraos, “Home Lending Revamp Planned,” The Wall Street Journal, 10/24/11)

  • “‘It Hasn't Worked,’ Said James Parrott, A White House Economic Adviser, In A Speech Last Month.” (Nick Timiraos, “Home Lending Revamp Planned,” The Wall Street Journal, 10/24/11) 

Only 900,000 Homeowners Have Been Helped By HARP, Which Was Estimated To Assist Between 3 And 4 Million. “The program was estimated to help between 3 million and 4 million homeowners, but lenders are not required to participate, and fewer than 900,000 homeowners had benefited from HARP through August, FHFA said this week.” (Mike Lillis, “House Democrats Hammer New Obama Mortgage Crisis Response As Insufficient,” The Hill, 10/24/11)

President Obama’s Housing Programs Have 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)


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