Vice President Joe (Slow Joe) Biden declared an end to economic woes about a week ago in a prepared speech. He said, "Look around, the employment problem is over." Some of us looked and didn't see what the myopic Biden saw. Anyway, the Obama Administration is strong arming loan service providers to step up their loan modification programs which have had little impact in slowing foreclosures with good reason.
The US Treasury Department wants lenders to modify 500,000 mortgages by November 1. The Washington Post reported that the program known as "Making Homes Affordable" made 200,000 loan modifications since March. There is a fly in the ointment: Over 1,000,000 borrowers received loan default notices in the first half of 2009. Falling home prices and increasing unemployment have pushed even more homeowners into delinquency.
CRL Director Keith Ernst testified before Congress that the 1.5 homes that have already been lost to foreclosure are "just the tip of the iceberg compared to the 13 million total foreclosures expected between January 2009 and 2014.
To spite your Vice President's assurances that everything is back to normal, the apparent stabilization we have seen in the homebuilding sector will be challenged by persistent high unemployment and rising foreclosures.
Sources: Moodys Investor Service, Economy.com, The Washington Post
Do we need another housing czar in addition to Vice President Biden, the recovery czar? I think that we have an unemployment czar, or maybe it's an employment czar? The ObamaNation has so many czar's that I find it difficult to keep track. What are they doing?
And how will the $1 TRILLION Cap/Trade bill and the proposed $1.5 TRILLION ObamaCare program impact the situation? They'll both lead to higher unemployment, which will exacerbate the housing crisis. THANKS JOE BIDEN for coming clean with America.
8 comments:
The problem is, we listen to whatever people say, unfortunately. Too many of us don't question the sources saying these things. We just assume if they've been given a platform, they must know what they're talking about.
Well we all know Biden is a little "slow" and I don't think anyone pays attention to anything he says ...for ex: ME. Now I am hoping our loan mod goes through soon and I am hoping its a good one!
I'm sure the loan will go through and it will be better for you & Braden (& Griffin). The larger question is the economy in general and how quickly or slowly we crawl from the hole we collectively dug for ourselves.
Are you talking about Biden again? You know how that drives his people crazy!
It will be a while...who knows how long. They say we are seeing the bottom right now, at least for the the prices of homes...
He is an idiot, and he thinks that we all follow suit! Wonder how in the world he even finished high school.
Denise, there may have been a time when he had his wits about him. He's been running for president for many years and nobody really thought it would be a good idea. Now he's a heartbeat away - and it's frightening.
Obama or Biden? Or Pelosi? The line of succession is not encouraging.
Slow Joe speak a falsehood? Surely you jest.
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