Back in February of 2009, Obama announced a plan that he said would save about 9 million people from losing their homes to foreclosures. At the time, I wrote the blog: The 31 Percent Solution? In that blog entry, I pessimistically said that, at best case, Obama's plan might save a maximum of one-and-a-half million mortgages. Now, 16 months later, the best that this Obama program has done is to save a meager 340,000 mortgages on a permanent basis (Click here to See Story: Still Few Results From Mortgage Modification Program). More than 436,000 who were accepted by the program failed to achieve any satisfactory mortgage modification in order to keep their homes.
Once again, we have another Obama economic program that has failed miserably against its original hyped objectives. Maybe if the people advising Obama understood the economy, business, and the mortgage industry, they might have gotten a little closer to the actual number rather than missing the mark by an astounding 2600 percent!