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THURSDAY, NOVEMBER 26, 2009
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10

White House Foreclosure Plan a $50B Bust

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(Newser) – The Obama administration's plan to help millions of homeowners avoid foreclosure has so far been a major failure, Politico reports. It's reached just 160,000 of the 3 to 4 million homeowners it was supposed to protect, and another 2 million homes are expected to be foreclosed upon before the year is out. The White House blames mortgage servicers for dragging their feet, but lawmakers on both side are getting testy.

Progress has been "disgraceful," Senate Banking Chairman Chris Dodd said at a hearing Thursday. The administration has upped pressure on servicers, giving them a deadline of next week to show what steps they're taking to improve their performance, and publishing company-by-company results, to shame lenders into action. “We think that that type of disclosure, servicer-by-servicer, will be important to spurring greater activity on their part,”  a Treasury official told Dodd's committee.

A sign lies on the ground in front of a foreclosed home in Homestead, Fla.
A sign lies on the ground in front of a foreclosed home in Homestead, Fla.   (AP Photo/J Pat Carter, File)
A sign advertises a bank repossessed home for sale in San Clemente, Calif.
A sign advertises a bank repossessed home for sale in San Clemente, Calif.   (AP Photo/Tom Stathis)
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I'm hoping that, with the stakes this high, somebody can explain to me why nothing has changed. - Senate Banking Chairman Chris Dodd (D-Conn.)

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foodchain11
Jul 18, 09 7:25 AM CDT
Here's what's interesting: you have tracking, visibility and pressure all in a very short time. It's the banks who are refusing to do the right thing. These banks should be pressured to use the $$ as intended rather than just sopping it up for themselves. It is our govn't who is right; the banks are wrong Reply
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+4
Ucantusethatname
Jul 18, 09 7:47 AM CDT
Chris Dodd is the real $50B bust. He asserts that "progress has been disgraceful," which, of course, does not make sense. It is Dodd and members of Congress who share the disgrace. Voters don't get it, re-electing the same incompetents and scoundrels ad nauseam. Who wrote the legislation that governs the nation's banks, economy, and financial well-being. The same boobs who blame progress for failure. Reply
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IN RESPONSE:
Karl
Jul 18, 09 12:50 PM CDT
THANK YOU for being one of few paying ATTENTION!
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-1
riffran
Jul 18, 09 9:22 AM CDT
don't forget..."You have to spend to avoid bankruptcy".....ha ha good ole jumpin Joe Reply
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doingtherightthing
Jul 18, 09 10:14 AM CDT
this is why you don't allow government to manage your money, healthcare & life. They can't do the right thing. They'll steal your 401 k's by adding windfall taxes, they'll provide care by pecking order "elderly last", and they'll control your life even more by denying freedom of speech. Dodd , Obama and the rest of the czar's are bad for this country.........this is a show by Obama thinking he cares nothing more......... Reply
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