November 10th, 2009
11:16 AM ET
5 years ago

Obama home rescue: 650,000 get help

Some 650,000 troubled borrowers have been put into trial loan modifications under the president's foreclosure rescue plan, the Treasury Department said Tuesday.
Some 650,000 troubled borrowers have been put into trial loan modifications under the president's foreclosure rescue plan, the Treasury Department said Tuesday.

NEW YORK (CNNMoney.com) - Some 650,000 troubled borrowers have been put into trial loan modifications under the president's foreclosure rescue plan, the Treasury Department said Tuesday.

That number represents 20% of eligible homeowners at least 60 days behind in their payments, according to the Treasury report. This is up from 16% a month earlier.

Despite the progress, housing counselors say the number of people falling into foreclosure vastly exceeds the ranks getting assistance. The number of filings hit a record high of 937,840 in the third quarter, according to RealtyTrac, an online marketer of foreclosed homes. That's a 5% increase from the second quarter and a 23% jump over the third quarter of 2008.

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Filed under: President Obama
soundoff (81 Responses)
  1. Republican'ts are so YESTERDAY

    And one more thing: I'm sure that NONE of those who've received any government money to keep their houses are Republicans! Because that would be hypocritical, wouldn't it? Also, once health insurance reform gets passed, I'm sure not one single Repbublican will be signing up for the public option because, again, hypocritical! Besides, we all know that Republicans are all self-sufficient, all have good jobs, all have employer provided health care, pay more taxes than the rest of us and have all the answers to everything! Hey, if they can do it, anybody can . . . RIGHT??? Just like not one single Republican Govenor took stimulus money for their state . . . . OOPS . . . . can you say HYPOCRITICAL????

    November 10, 2009 02:13 pm at 2:13 pm |
  2. phoenix86

    What a coincidence. 650,000 homeowners got "help". 650,000 jobs "created or saved".

    That comes to 1.3 million individuals "helped" by Obama's $1.3 trillion deficit. No wonder Obama never held an executive position before getting selected for President.

    November 10, 2009 02:16 pm at 2:16 pm |
  3. Laura in KS

    Not entirely sure how throwing millions of families out on the streets, b/c they got behind on their mortgages due to scam loans and a crummy economy, benefits anyone in the US. The more houses foreclosed, the less YOUR home is worth. So shut up about how you think the "poor" and "lazy" are destroying the country, look in the mirror, and hopefully realize how completely un-Christian (and un-American) you are being.

    November 10, 2009 02:41 pm at 2:41 pm |
  4. Seriously, Left

    Welcome to the new America, where playing by the rules and paying your mortgage and taxes gets you a hot cup of jack squat. On the other hand, if you don't pay your mortgage or fail to take on your responsibilities, you get taken care of by the government. Can anybody say welefare is back in style?

    November 10, 2009 02:45 pm at 2:45 pm |
  5. Stephen

    If the delinquency is not due to something catastrophic, let them fail! Else, they will never learn to manage their money and repeat mistakes. I object to this use of my taxes.

    November 10, 2009 03:10 pm at 3:10 pm |
  6. Shari, NY

    The ensuing statement refers not only to the housing problem but to the myriad of challenges/obstacles with which the President is faced.

    Again I will repeat the chorus that the state of affairs is not Pres. Obama’s fault. His inheritance was a heck of a deficit caused by those who went before him. America’s glory days are long gone. This became evident the other day when I simply opened a bottle of liquid cleanser and upon using it found that it was drastically watered down by the manufacturer to make money. Almost everything we buy is made or grown in China – some are passable and others are not.

    He took on a job knowing full well that it would take a miracle to turn back the clock. His mission on this earth is to soften the blow and I give him an A for trying while facing great odds, name calling, etc.

    November 10, 2009 03:14 pm at 3:14 pm |
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