Little to Show
Posted on Created: Monday, 15 March 2010 17:52
There is no denying the fact that the Obama administration has put a lot of effort into trying to solve the foreclosure problem in America. The thing that can be debated is whether or not all of these efforts have been worthwhile; whether all of the motions that the government has gone through has simply been a waste of time and money. What would prompt such a question? Well, the data from the programs that the Obama administration enacted really speaks for itself. Since the inception of the large mortgage relief program several months ago, over 1.1 million Americans have applied for relief. The scary part is that of these 1.1 million people, only about 170,000 have gone through the entire program. Only about 90,000 borrowers have dropped out of the program, meaning that almost a million Americans are stuck somewhere in the process. Just over 16 percent of those who have asked for help have thus far received it. With those kinds of numbers, the government likely will not have any s ...
 
Credit Scores
Posted on Created: Monday, 08 March 2010 21:27
A person’s credit score is vital in this economy. In fact, a credit score is vital regardless of the economy. A person’s credit score is important as far as getting a job, getting a house, etc. The problem is, in this economy, it is extremely difficult to maintain a good credit score. It seems to be a never-ending cycle; if you miss so much as a single mortgage payment, it can negatively affect your credit score. If you have a lower credit score, you will likely not be able to find a job, which would lead to you not paying your mortgage on time. It is quite the puzzle. To qualify for a loan from Freddie Mac or Fannie Mae, you usually need a base credit score of at least 620. Even if you have done nothing wrong, you are still at risk for a credit score drop. Credit card companies are often lowering their limits due to the recent economic activity, and some unsuspecting credit card owners are getting caught. Thirteen percent of people surveyed reported that their credit card ...
 
2009: A Bad Year for Foreclosures
Posted on Created: Thursday, 14 January 2010 16:55
Foreclosures.  There is little doubt that they are the main things holding back the full recovery of the housing market.  Unemployment causes foreclosures, and foreclosures cause a myriad of problems of their own.  The revolving cycle of unemployment, foreclosures and bankruptcy has kept the American real estate market, and, in turn, the economy, down for the last few years.                   The blight of the American image over the last two years has been caused by foreclosures.  And things are not getting any better in that department; in 2009, foreclosures rose by 21 percent to an unparalleled level of over 2.8 million.   People may have foreseen thins, but actually seeing it happen was not easy.  The Obama administration did all that they could to minimize the damage, but it just wasn’t enough.  People have been working around the clock to try and make sure that the market didn’t go down the toilet, but it just wasn’t enough.  We even had an entir ...
 
Progress
Posted on Created: Monday, 14 December 2009 18:47
Some much-needed good news comes out of the real estate market as the holiday season approaches.  Foreclosures went down in the month of November, marking the fourth straight month that such a decrease has been experienced.  The number of foreclosed homes was just above 300,000, which marked an 8 percent decrease in that category.                  Some people aren’t so optimistic about this turn of events, however.  Many experts agree that the foreclosure crisis will get worse before it gets better, despite the promising statistics.  In addition, naysayers point out that, despite our four-month hot streak, foreclosures are still 18 percent higher than at this time last year.                 Why, despite these great numbers, are experts so insistent that the numbers will get worse before they get better?  Simply put, they believe that Obama’s plan is doomed to fail.  Despite the reasonably adequate numbers that the program has been posting, th ...
 
SWAT Teams in Action
Posted on Created: Tuesday, 08 December 2009 11:31
We all knew that the Obama administration had stated that they were going to make more of an effort to curb the growing real estate crisis.  What we didn’t know was how aggressively they would go about doing it.  The Obama administration, who has already spent $75 billion trying to attack the problem now vowed to take an even more hands-on approach.  The 71 mortgage lenders participating in Obama’s program will each be monitored very carefully for the next few weeks and months.  The Obama administration has also said that they will be sending three-person “SWAT Teams” to the eight largest companies for even more insight into what is going on.                 The main problem that loan companies have to deal with right now is that homeowners who ask for help are not prompt in completing their paperwork.  The Obama administration aims to create accountability to make sure that this paperwork gets done on time.  These borrowers apparently do not realize the i ...
 
Program Review
Posted on Created: Wednesday, 14 October 2009 10:59
When the Obama administration enacted its new program designed to ease the process of loan modification, the President himself said that he wanted the program to help between 3 and 4 million citizens.  While this was an honest effort, one can argue that the goal was a bit lofty.  As of right now, the program has helped only about an eighth of what the Obama administration had intended.  Known as the Home Affordable Modification Program, this program was put under the microscope recently when the Congressional Oversight Panel did its periodic checkup.                  The program, although it has still helped a large number of people, has been repeatedly criticized for not adapting well to the changing real estate landscape, and the Congressional Oversight Panel apparently has come to the same conclusion.  They criticized the program as seeing the real estate market as it existed six months ago, not as it is now.                  It has been recom ...
 
Squandered Help
Posted on Created: Thursday, 08 October 2009 11:51
What is the use of helping people out financially if they don’t make good use of the help?  That must be the question on President Obama’s mind right now.   About half of those who have received loan modifications in the past year have fallen behind on their payments again.                  The Obama administration as a whole, however, should feel a sense of accomplishment, despite these bad reports.  They have helped about 12 percent of those eligible for loan modification, which is a pretty hefty number, considering that the programs have only been around for a few months.  The process started out slowly, but as lenders and government officials got on the same page and learned how to operate under the new guidelines, the pace has picked up.                 Now, though, in addition to figuring out how to efficiently maximize the effect of their program, the Obama administration has the added task of figuring out how to help those who have squ ...
 
 
 

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