0bama on track for achieving 1 million home foreclosures in 2010. Change we can believe in?
Homes lost to foreclosure on track for 1M in 2010
"Nearly 528,000 homes were taken over by lenders in the first six months of the year, a rate that is on track to eclipse the more than 900,000 homes repossessed in 2009, according to data released Thursday by RealtyTrac Inc., a foreclosure listing service.
"By comparison, lenders have historically taken over about 100,000 homes a year"
But I'm sure Bush is to blame for this, somehow.
So, at what point does Obama become responsible for correcting problems he "inherited?" Bush inherited the 9/11 attack, but somehow he was SOLELY to blame. How does this work, exactly?
- DiLv 710 years agoFavorite Answer
And from London this morning, NPR reported that banks are starting to issue mortgage backed securities again due to the lack of investment vehicles. Deja Vu all over again. Oh but the best thing is, the US securities will be backed by Fannie and Freddie. The point was made that approximately 1 million foreclosures will occur in the US therefore it would appear that there has been no alleviation of home loss, no real methodology to assist homeowners to quickly resolve their mortgage issues and in the meantime, the mortgage backed security business will be in full flow courtesy of F and F. As a taxpayer I don't find that comforting at all.
Edit: the following is taken from the link attached "In the period 1989-2008, topping the list of recipients of contributions from Fannie Mae and Freddie Mac is the chairman of the Senate Banking Committee, Sen. Dodd (D-Connecticut), who received $165,400. Second on the list is Sen. Obama (D-Illinois), receiving $126,349 with only three years in the Senate. Rep. Frank (D-Massachusetts), received $42,350.
President Clinton addresses homeownership: "I think we all agree that more Americans should own their own homes, for reasons that are economic and tangible and reasons that are emotional and intangible but go to the heart of what it means to harbor, to nourish, to expand the American dream. . . . I am determined to see that you have the opportunity and together we can make that opportunity for the young families of our country. I am committed to a new and unprecedented partnership between industry leaders and community leaders and Government to recommit our Nation to the idea of homeownership and to create more homeowners than ever before."
Republicans had won control of Congress and planned CRA reforms. The Clinton Administration, however, allied with Rep. Frank, Sen. Kennedy (D-Massachusetts) and Rep. Waters (D-California), did an end-around by directing HUD Secretary Andrew Cuomo to inject GSEs into the subprime mortgage market.
As Kurtz notes,"ACORN had come to Congress not only to protect the CRA from GOP reforms but also to expand the reach of quota-based lending to Fannie, Freddie and beyond." What resulted was the broadening of the "acceptability of risky subprime loans throughout the financial system, thus precipitating our current crisis."
See full article for chronology of events and who to did what to whom.
- Paul HxyzLv 710 years ago
Everything is Obama's fault.
Or maybe it has something to do with the financial meltdown that took place during the previous administration where $700 billion dollars was handed out without any conditions applied to it. Socialism - for the banks!
Obama inherited the 2nd biggest financial crisis since the Great Depression. Blaming Obama accomplishes nothing but making you feel better and is silly. I know people blame the President for all kinds of stuff but did Obama start the meltdown? No - he's just doing something about it as fast as is possible. This mess is not going to be solved overnight - its too big and too serious. The fact that it hasn't turned even worse is a bit of a miracle. Keep watching to see what happens - my guess is you will be very surprised to find out how wrong you were.
Bush "inherited" the 9/11 attacks??? How??? It happened on HIS watch - how is that "inherited"? That makes zero sense.
- sikorskiLv 43 years ago
He has no objective of adjusting it. in basic terms a reminder, it replaced into Obama's cronies that ran Fannie Mae & Freddie Mac into the floor. they are those that insisted the banks supply loans to human beings they knew does no longer be waiting to deal with to pay for it. do in basic terms somewhat study on those 2 loan giants and notice the connections to generally Democrats additionally the Dems controlled the living house and senate for extra or less 0.5 of Bush's presidency.
- Anonymous10 years ago
whoa whoa whoaaaaaa.......... Bush "Inherited" the 9-11 attack? Uhhhhhh, NO.
That actually happened on HIS watch. It's been PROVEN he was given security briefings, which outlined , just such a scenerio, and in fact, he utterly, and blatantly IGNORED them.
George Bush did NOT "Keep us safe".....he , in fact, allowed a major terrorist strike on his watch.
and then did NOTHING about it.......after it happened...........all but IGNORING Osama, to go off to IRAQ.......to attack someone, who HADN'T attacked us.
Now as for Obama.......is he personally closing all those homes? Did he take out the mortages that they knew they damn well couldn't afford..??? People working at McDonalds, living in $250,000 homes? Bush handed out the FIRST bailout, and unlike OBAMA, failed to put any strings or stipulations on it.
Free money for the banks, which they pocketed and wasted in record time, on more Bonuses, for the people who crashed their banks in the first place.
Boy, I sure would LOVEEEEEEEE to get a million dollar BONUS, for costing my company a BILLION dollars. That's some FINE work right there!
Obama was responsible for the problems, the second he took office.............but that does NOT translate into that HE'S the one that CAUSED them-.
He's just the poor schnook, who got saddled with trying to solve them.
As usual........republicans trash the country, and then expect a democrat to clean up the mess, by making unpopular choices. ....which get him voted out, so a republican gets voted back in, and then it's back to business as usual, of giving tax breaks to the wealthy 2% of the country....and sweetheart deals to all our friends.
Yeah..........nice try............not this time. He's actually FIXING your messes this time.
Better luck NEXT plundering of the country.
- How do you think about the answers? You can sign in to vote the answer.
- 10 years ago
Review National Public Radio's archives to learn that...OOPS!...REPUBLICANS caused the housing and mortgage crises as far back as 2004, which is when NPR began warning that a collapse of Fannie Mae and Freddie Mac could far exceed the cost of the REPUBLICAN-caused collapse of our savings and loan industry under Reagan/Bush-Bush/Quayle, going into the TRILLIONS! I held off buying a house because of the 2004 and then 2005 dire warnings of pending doom due to deregulation and the robbing-from-Peter-to-pay-Paul fiscal policies of the Bush/Cheney administration and the GOP, telling others looking to buy that they should wait two years while the Bush/GOP team were busy destroying our economy and "It would be a buyer's market." I was right, and I now have an eight-room house bought in 2007 for $38,000.
You can try to lie or obscure the truth all you want, but President Obama and even the Democrats who took over the majority in 2007 INHERITED MULTIPLE MESSES from the corrupt, inept, greed-driven, corporation-colluding Republican party that had TOTALITARIAN CONTROL from 2001 through to 2007---a period when the multi-level deep-rooted damages occurred that nearly brought this great nation to RUIN! Bill Clinton fixed things the last time, and now President Obama is working night and day to undo all the harm done by his predecessors and by the Republican-controlled House, Senate, and courts. As to the 9/11 attack being "inherited" you really really need to check your facts and also read Richard Clarke's book, "Against All Enemies" (available on amazon.com). FACT: GW's brother Marvin and his maternal uncle and cousin Wirt Walker I and Wirt Walker III were principles for Securacom (now Securatec, Inc.), the firm providing "security" for United Airlines (two attack planes were United); Dulles International Airport (two planes flew out of Dulles); and the World Trade Center itself (Flynt, 2004; Rossi, 2005). Go to Bush Crime Family Tree website to learn that brother Marvin and the Wirt Walkers were also principles on the REINSURER of the WTC, although brother Marv conveniently stepped down shortly before 9/11; and they were principles for Riggs Bank---the bank discovered to have LAUNDERED MONEY for two of the 9/11 hijackers through Bush-family friend and cohort of Saudi's bin Laden family (also long-time friends of the Bush family---see Michael Moore's documentary film, "Fahrenheit 9/11") Prince Bandar. Then read Bush Treasury Secretary Paul O'Neill's (Suskind, 2004) discussion of how the Bush/Cheney team (Rumsfeld, Wolfowicz) were PLANNING only ten days after taking office (i.e., January 30, 2001) to attack Iraq and were looking for an excuse that the public would buy---long before 9/11 was ALLOWED (yes, ALLOWED) to occur so that the ILLEGAL invasion could be carried out. The same PR firm, Hill & Knowlton (Rossi, 2005), used by Daddy Bush to LIE about Saddam Hussein (featured on "60 Minutes" after the first lie-based, "60 Minutes" learned, Gulf War) was KEPT ON RETAINER by the Bush/Cheney regime---and their duty was to paint Saddam Hussein as a "villain" to the American people in preparation for the illegal invasion. Saddam Hussein was both our "ally" in the Middle East and our CIA DUPE. You REALLY need to dig deeper before making hyperbolic declarations about which you do not have the facts.Source(s): Flynt, Larry (2004), "Sex, Lies & Politics: The Naked Truth." NY: Kensington Press. Rossi, Melissa (2005), "What Every American Should Know About Who's Really Running the World: The People, Corporations, and Organizations that Control Our Future." NY: Plume. Also available on amazon.com. Suskind, Ron (2004), "The Price of Loyalty: George W. Bush, the White House, and the Education of Paul O'Neill." Available on amazon.com.
- Anonymous10 years ago
Obama CONTINUES to pump money into FANNIE and FREDDIE.
THE domino that got the housing crisis started... was created by DODD and FRANK... by creating a system where the FEDERAL GOVERNMENT was REQUIRE to make LOANS that could not possibly be paid back.
THEN... Obama puts DODD and FRANK in charge of figuring out "what went wrong" - PRECIOUS!
Guess what FRANK and DODD DIDN'T FIND as the cause?
Then... They pump all this money into the program - THEN CONTINUE risky loans!!!
Then... REAL FINANCIAL REFORM is REQUIRE to SAVE AMERICA FROM ITSELF - and guess what is NOT included... in the regulation?
November can NOT come quick enough for me.
- Anonymous10 years ago
Let me tell you something both 'Democrats' and 'Republicans' are to blame. Never assume anything you see the Fed saying or doing (i.e. laws, regulations, committees, inquiries, media spots) is for, “We the people…” These leaders aren’t “Democrat” or “Republican,” they are mostly lawyers & attorneys. When I remember that it all starts making sense. Remember they have their own language—isn’t that nice? Globalization is really, to “capitalize” on other countries like they’ve done to us, after all, it’s worked for them! Just saying … wake up and realize the real problem and who these people are who are in charge that we all have to ‘obey’.
- RoseRed2Lv 610 years ago
It started out as a good idea gone terrilblly bad.It started in the Clinton era when things were booming.Without really good oversight and dwindling economy it started tanking during the Bush yrs and the bottom fell out during the time Obama was elected.if you remember Bush tried to find out what was happening and Barney Frank said everything was coming up roses.Turned out he was a big fat liar.
- ?Lv 510 years ago
That's the plan.
The government own's another 1 million homes via the government's holding company Fannie/Freddie,
and they will become low income housing in no time while O redistributes not only income but property.
- Anonymous10 years ago
Another Obama plan gone bust in the eyes of America. However, Obama never intended to bail out anyone. He was paying back Wall St.