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With 3 Years Of Failure, White House Pressed On “New” Housing Program

RNC Communications - February 1, 2012

At today’s press briefing, the White House was repeatedly asked about Obama’s three-year record of failure to address the housing crisis. Check out the questions below:

ABC News’ Jake Tapper: “Mr. Secretary, wasn’t it two years ago the administration first proposed a bank fee? Am I right about that? January 2010?” (White House Press Briefing, 2/1/12)

HUD Secretary Shaun Donovan: “Um, I believe that’s correct.” (White House Press Briefing, 2/1/12)

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Tapper: “I just wonder, if you couldn’t get it through a Democratic House and Senate, why do you think now would be a better chance of making it through Congress? “(White House Press Briefing, 2/1/12)

CBS News’ Norah O’Donnell: “Why shouldn’t this proposal today, in an election year, not just look like an effort, a politically motivated effort, to reach out to homeowners in key battleground states that just also happen to have big mortgage foreclosure issues, like Nevada, Arizona, Florida, etc?” (White House Press Briefing, 2/1/12)

Fox News Channel’s Ed Henry: “The first plan of February 2009, that’s three years ago this month, he promised, I think it was up to 9 million people, would stave off foreclosure. You just said he’s helped up to 1 million people. So why should the American people have confidence that this is now the fourth or fifth plan you’ve had, this one’s actually going to work?” (White House Press Briefing, 2/1/12)

Obama’s Housing Proposal Is Just The Latest In A Long Line Of Failures

Obama’s Proposal “Is The Latest Addition To A Mosaic Of Obama Administration Programs” That Have Failed To Boost The Housing Market. “The proposal, to be released in the coming weeks, is the latest addition to a mosaic of Obama administration programs aimed at boosting the housing market, which is entering its fourth year of weak sales and high foreclosures.” (Lorraine Woellert, “Obama Pushes Proposal To Streamline Refinancing For Homeowners,” Bloomberg, 1/25/12)

The Last Two Incarnations Of Obama’s Refinancing Program Only Helped About 1,000 Homeowners. “Haven’t similar programs been tried before? Yes. But those programs put in place a series of rules designed to ensure that government entities weren’t taking on more risk by allowing investors and banks to offload risky mortgages onto the government. In 2010, for example, the Obama administration rolled out a program to let underwater borrowers refinance through the FHA, but that program required banks to first write down loan balances so that borrowers could qualify under existing rules. Fewer than 1,000 loans have refinanced through the program. Congress approved a more complicated version of this idea in spring 2008 called Hope for Homeowners, but it also resulted in just a few hundred refinances.” (Nick Timiraos, “Six Questions On Obama’s Mortgage Refinance Proposal,” The Wall Street Journal, 1/25/12)

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) 

“Meanwhile, 2.5 Million Homes Have Been Lost To Foreclosure Since 2009 …” “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)


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