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. aproudmemberoftheunpatrioticmob

    This has been another money grabbing Obama fiasco (the man reminds me more of Carter all the time, up to and including the phony Nobel Peace Prize). If CNN wants to do a real story follow up and find out how many of the 650,000 this program is supposed to have help are back in foreclosure again. I believe the number will be shocking.

    November 10, 2009 11:16 am at 11:16 am |
  2. obummer, 1 and done(if there still is a USA to salvage)

    a little more time and obummer will have the government supporting everything.

    worse president ever and he's only been in office 9 months.
    this is what you get when you elect someone with absolutely no experience.

    November 10, 2009 11:21 am at 11:21 am |
  3. terry,va

    What a welfare state!!! I wish I could take the handouts. The problem is I look at myself in the mirror every day. Obummie wants you sorry people to owe him. WELFARE, WELFARE, WEFLARE.....YES WE CAN!!!!!

    November 10, 2009 11:22 am at 11:22 am |
  4. gary

    Here is fox news oh i mean cnn finding a negative spin on a program that has helped 650,000 house holds. What did the republicans do to help anyone but themselves over the past 10 years.

    November 10, 2009 11:22 am at 11:22 am |
  5. Mark Hancock

    If Bush were President, this headline would read, "2.6 million Don't Get Help from Bush's Plan".

    November 10, 2009 11:26 am at 11:26 am |
  6. midwest liberal

    Just watch, somehow the GOP (Gumpy Old Poops) will attempt to spin President Obama trying to help people keep their homes into a bad thing, and some secret socialist plot to take over the world.

    November 10, 2009 11:29 am at 11:29 am |
  7. Michael M, Phoenix AZ

    No matter what he decides to do, he'll still get heat from one side or the other. Bush jumped right in, promised "Bin Laden Dead or Alive" and then promptly backed off when he found a way to go back to Iraq to "finish" his dad's war. What happened to "Mission Accomplished" folks. We need to quit invading other peoples land with out a clear "exit strategy" just like Viet Nam.

    November 10, 2009 11:30 am at 11:30 am |
  8. Dominican mama 4 Obama

    I am certain that those of you who resent GOVERNMENT INVOLVEMENT in your lives be it via healthcare, extended unemployment benefits, state bailout funds, Social Security or Medicare, will forgo this type if assistance and promptly file for bankruptcy. The nerve of this President trying to help citizens out!!

    November 10, 2009 11:32 am at 11:32 am |
  9. Fed Up

    Still don't understand why people buying houses they cannot afford becomes the tax payers problem. You buy above your means and I get to help pay for it...............yeah, that's a great deal. What is this administration going to do for the responsible tax paying citizens..........raise taxes! I am not sympathetic to the stupidity of others. You can blame the big bad lenders all you want, they were just giving houses away, but the blame is ultimately with the home buyer, you know what you can afford, it is up to you to read the contract and buy only what you can afford to pay for...............greed!

    November 10, 2009 11:35 am at 11:35 am |
  10. Obama: bad for America

    At a time when Americans are struggling, Obama is pushing through his ideological economy killing policies:

    • carbon tax / higher energy costs / no new oil / inefficient green energy
    (to destroy manufacturing and raise costs to consumers)
    • government controlled healthcare
    (it's not reform, because generally there is no cost reduction, just an attack on insurance, subsidized by taxpayers)
    • private sector hijacking
    (Obama wants to control over wages and failing companies? Stupid.)

    November 10, 2009 11:42 am at 11:42 am |
  11. R

    I am so proud of the man, our President, and I am so thankful I am alive during his Presidency. He has vision, compassion, intelligence, dignity, savvy and and ability to give millions hope. Thank you, Mr. President, for all of your hard work and dedication.

    November 10, 2009 11:43 am at 11:43 am |
  12. Paul from Phoenix

    This plan is complete garbage, because it never took into account the falling value of housing prices. Very shortsighted. By the time that was addressed, it ws way too late for many homeowners.

    I think it is funny that only 20% of people have been helped. Just like only 20% of the stimulus has been put to work. ANd 20% of the H1N1 vaccine has been produced. Apparently we should refer to this administration as the Mendoza Administration (if you don't get it, google Mendoza Line and baseball).

    And I am really tired of that stupid commercial with Obama saying relief is coming. Obviously, it isn't.

    November 10, 2009 11:49 am at 11:49 am |
  13. Seriously, Left

    Any number this administration gives out should be met with healthy scepticism. Two words come to mind....fuzzy math.

    November 10, 2009 11:49 am at 11:49 am |
  14. Dutch/Bad Newz, VA

    650,000 is alot better than the republican alternative of letting your house get foreclosed on.

    November 10, 2009 11:53 am at 11:53 am |
  15. JP

    CNN makes it look like more people should have this program available. No where does it mention that half of the reworked loans subsidized by taxpayers are in default after 6 months. Also if someone falsified their original loan documents they can still get one of the 2% loans. The people who run this mismanaged wasteful program are now going to be in charge of your healthcare.

    November 10, 2009 12:00 pm at 12:00 pm |
  16. Ethan

    Thank you President Obama for dealing with the problems the foolish Republicans left our country.

    November 10, 2009 12:01 pm at 12:01 pm |
  17. dennis

    Stupid me – I make my house payments on time.

    where's mine ?

    November 10, 2009 12:03 pm at 12:03 pm |
  18. No More Incumbents

    Another example of big government's total inefficiency, and failure to help the masses.

    November 10, 2009 12:05 pm at 12:05 pm |
  19. File under "Sarcasm"

    There's an underlying fallacy here with the apparent assumption that everyone facing foreclosure can be saved by loan modifications. At some point there's a line between modifications and a gift depending how far underwater they are.

    November 10, 2009 12:08 pm at 12:08 pm |
  20. Ted

    Americans need to take off their blinders and see that the President is
    doing more for this country and the American people than any other President in U.S history. He is a true fighter for WE THE PEOPLE.

    Way to go, President Obama

    November 10, 2009 12:08 pm at 12:08 pm |
  21. John D.

    Too little too late once again Mr. President. I have no doubt you have hand picked the areas for this. Democratically control I'm sure. Another group being paid for putting you in the WH.

    November 10, 2009 12:11 pm at 12:11 pm |
  22. Kevin in Ohio

    Maybe I should become irresponsible and fall behind in my mortgage payments so I can get some of this Obama-money.

    November 10, 2009 12:13 pm at 12:13 pm |
  23. Willy Brown

    Great more tax payer's money put on a sinking ship.

    November 10, 2009 12:15 pm at 12:15 pm |
  24. Robert Ard

    A day late and dollar short, I am a disabled veteran of 30 years, and have lost two houses due to my disabilities and economy, no one helped me out.
    Or even tried , my last house was a fanny may and I had it sold twice before forclosure , but because of all the goverment red tape could not get sales approved and lost house anyway.

    I could use some of that money.

    Disabled vets are the first to experience
    problems due to there disability or economy but but last when $ moneys are handed out.

    November 10, 2009 12:20 pm at 12:20 pm |
  25. Randolph Carter, I'm no expert but.....

    Yes it was stupid to let people with little ability to pay buy homes that they couldn't afford. If that was all there was to it, we'd have a bunch of forclosures and a bunch of sorry banks. But that wasn't the whole story. What nearly brought down the entire world economy was a bunch of Wall Street types who should have known better bundling said shady mortgages into collateralized debt obligations and other imaginary creatures without having the reserved capital to back them. Then these rocket surgeons started short selling them for short term gains as they collapsed. Meanwhile regulators (who went to the same schools and came up through the same firms as the aforementioned rocket surgeons) looked the other way when they should have been doing their jobs. Unregulated capitalism at its finest. But let's blame the poor people. Have a nice day!

    November 10, 2009 12:24 pm at 12:24 pm |
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