I’m shocked. Shocked, I tell you. Who could have predicted this failure?
The Obama administration’s $50 billion program to curb foreclosures isn’t working, and the White House knows it.
Administration officials blame the mortgage servicers charged with carrying out the mortgage modifications and refinancing under the federal program. Many of their Democratic allies on Capitol Hill back them up, but others are criticizing the White House for fumbling the execution. Whatever the reason, the program hasn’t stopped the rising tide of foreclosures: Experts predict that at least another 2 million homes will be lost this year, and the administration’s plan has so far reached only about 160,000 of the 3 million to 4 million homes it was supposed to protect over the next three years.
That’s bad news for the economy — and bad news for the Democrats.
Golly, you mean throwing money we don’t have at an economic problem caused by reckless government lending regulations … isn’t actually fixing the problem? We’re just digging ourselves deeper into the debt hole and insisting on more stupid lending? Hmmm. What to do, what to do?
Wait, I’ve got it! Let’s throw even more money at the problem! Universal home ownership! Single payer mortgage care!