Obama's Mortgage Rescue Plan Fails Miserably

[Teresa]

The data for April and May prove that President Obama's plan to rescue those facing mortgage foreclosure is a dismal failure. Since this issue was the cornerstone of his economic program during the campaign, its abject failure is a significant setback for the administration's economic plan.

When Obama launched his mortgage rescue plan, he promised that it would help 5 million households. So far, he is about 4,969,000 short of his goal!!

When will the subprime foreclosures stop? In about a year when all of these unfortunate people have lost their homes!

Why is Obama's plan falling so far short of the mark? The fault is its own restrictions. You cannot get a loan modification if:

# You have lost your job

# You owe more than 5 percent above what your house is worth

# You are already in default

# You have not missed at least one payment

# Your lender does not want to participate

# Your mortgage is not one of the half of all mortgages insured or owned by Fannie Mae or Freddie Mac

# The reworked mortgage payment would come to more than 31 percent of your income

# Your mortgage is more than $759,000

# The home is not your primary residence


Read it all here:
http://www.newsmax.com/morris/Obama_mortgage_rescue/2009/06/09/223238.html