Extend and Pretend: The Obama Administration’s Failed Foreclosure Program
(The Huffington Post) — President Barack Obama’s signature plan to combat the housing crisis has fallen short of its goals — rather than significantly and permanently reducing home foreclosures, it is only delaying them. The administration unveiled its Making Home Affordable plan in February 2009. Obama vowed in front of an audience gathered at Dobson High School in Mesa, Ariz., that MHA’s signature effort, the Home Affordable Modification Program, would “enable as many as three to four million homeowners to modify the terms of their mortgages to avoid foreclosure.”
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