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. Sniffit

    "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."

    What's shocking is that you just revealed that you really don't know how the program works and yet still comment here to vent your neocon frustration over November 4, 2008....a year later. Let it go or you're gonna end up with heart problems or an aneurism.

    November 10, 2009 12:35 pm at 12:35 pm |
  2. Homeowner

    Although there were many really bad deals made to people who thought they could get into the homeownership club, the time is long past for bickering about the rights and wrongs for govt intervention. The fact is that if they don't, there will be no value left in anyones' home. As foreclosures increase and homes go unsold the value will continue to drop until every single one of us will be "underwater." All of us "responsible" homeowners must continue to make the payments and allow the others to work out what they can to keep everything from going down the tubes.

    November 10, 2009 12:37 pm at 12:37 pm |
  3. Sea.gem

    Thank God for that stimulus plan....or else we'd all be in the street eating dirt...what a joke this child-king with a credit card has become...

    November 10, 2009 12:37 pm at 12:37 pm |
  4. Proud Member..Party of No

    I need to stop making my payments so I can cash in on some of these socialist programs. I wants to get my share of Obama money.

    November 10, 2009 12:38 pm at 12:38 pm |
  5. Carlton Desmoney

    Isn't this just peachy-dreamy when the taxpayers of the US have to pay for bad loans because they voted for Obama?

    November 10, 2009 12:40 pm at 12:40 pm |
  6. Idiot_Pelosi

    With the OBUMMER socialst policies, the economy is struggling.

    I know that we are not hiring because of the potential costs associated with the CAP and TRADE bill and especially the welfare HC Bill.

    If we do hire, it won't be any DUMocRATS. Ha Ha OBOZO.

    Way to muck up the economy. You stink.

    November 10, 2009 12:41 pm at 12:41 pm |
  7. PREDICTA

    This does nothing to help those in trouble, except in extending the time their house will eventually be foreclosed upon.

    November 10, 2009 12:44 pm at 12:44 pm |
  8. Jesse from Berlin

    I´ve got an idea!!! Why don`t the Republican`s just reject the offer, since they oppose whatever he does.... It´s just another way of Obama showing his Socialist ideas...

    November 10, 2009 12:47 pm at 12:47 pm |
  9. Padraig

    Who gets to pay for this. The one's that are keeping a float are having hard enough times as it is. So we will eventually get to pay for this as well.

    Have you noticed all this money going out and nothing coming in. We are moving at alarming speeds towards bankruptcy.

    November 10, 2009 12:47 pm at 12:47 pm |
  10. C. Farrell, Houston, Tx

    Those who are willing to help themselves will be helped. But those who sit on their behinds, complain and find fault in everything our President is doing to help won't find help. So get off your behinds and make a difference for yourself and stop complaining about those who have been helped.

    November 10, 2009 12:47 pm at 12:47 pm |
  11. yuri

    We suppose we can only help upto a certain extent. Once a helper extends his hands too much, too often, and to too many people, he will be crowned as a Marxist, by way too many.

    November 10, 2009 12:48 pm at 12:48 pm |
  12. chelle

    Americans are hilarious – you are so partisan in your views that I can't believe you ever get anything done – then again you are lightyears behind other countries in social programs because of partisanship and the big bad boogieman of "Socialism". At some point I hope the US realizes that the Soviet Union was never socialist despite their name (just like you guys are really United). They were a dictatorship – pure and simple. Social programs strengthen a country – not weaken it. You are so focused on "independence" that you can't see the forest for the trees.

    November 10, 2009 12:48 pm at 12:48 pm |
  13. John in Texas

    So these "victims" tnat cant pay for their homes get my tax money when I bought a smaller house that I could afford and SAVED up a substantial down payment to keep my payments affordable. HMMM...seems we rewards failure and punish those who succeed.

    November 10, 2009 12:49 pm at 12:49 pm |
  14. John independent from NY

    This is getting a bit crazy. I can sympathize with those who have lost jobs and the home mortage is no longer achievable. But for those that simply made stupid business decisions, most of them, buying houses they could not afford for whatever reason is simply no reason for assistance. Why am I being punished for living modestly within my means? $700,000 for a house?? , that is a mansion not ahouse. NO HELP AT ALL. If the market dictates that number then the market still needs to devalue some more.

    November 10, 2009 12:53 pm at 12:53 pm |
  15. S M R

    You think a republican president would do so much for the AVERAGE AMERICAN, not in a MILLION year. The Obama Administration has helped many Right wing Families with tax cuts for the middle class, reduced home foreclosures, saved many jobs, Put pressure on wallstreet and the banks with REGULATION, Health care for all soon and The dow has recovered. Have a open mind People, I am very disappointed how my fellow Americans can have so much HATE for MY PRESIDENT. He is working hard for us!!!

    November 10, 2009 12:54 pm at 12:54 pm |
  16. Mike Syracuse, NY

    Yet another failed program. When is America going to start holding Obozo responsible for his failures?

    November 10, 2009 12:54 pm at 12:54 pm |
  17. beth

    If forced into foreclosure because of job loss or medical problems, then I'm OK with bailing people out. I do have a problem with bailing people out who have been living beyond their means. I live in rural PA and regularly see people(who can't afford it) buy houses that cost $250,000, $350,000 and more. My husband and I make more than a lot of these people and live quite comfortably in a much less expensive home. Add to your mortgage, car payments, child care, utilities, insurances, and donations to charity and church, how do you people sleep at night? I still feel like we're overextended at times.

    November 10, 2009 12:55 pm at 12:55 pm |
  18. Jim

    This is the kind of stuff that the American public need to hear more about. I did not vote for President Obama, but did not vote for McCain either, but IF the perception is that he (Obama) is doing nothing, then get this message out. At least it is something.

    Not a fan of most politicians right now but I am a BIG FAN of good news, action and progress. There is lots of good news out there and if people hear more of it (are you listening CNN and other media outlets?) you will be amazed of how it takes on a life of its own....and it will be a good one not a bad one. But maybe I am just a delusional idealist and optimist.

    November 10, 2009 12:55 pm at 12:55 pm |
  19. Anthony

    COMPLAIN COMPLAIN COMPLAIN

    (followed by...)
    LIE LIE LIE

    (followed by...)
    WHNE WHINE WHINE

    (repeat)

    This is all you commenters do at the mere mention of President Barack Obama. Will you crabs in a bucket let the man do his job for a second without trying to pull him down, please.

    He could save kittens from a tree or babies from a burning building and you'd still find something to complain about.

    GET OVER IT

    November 10, 2009 12:58 pm at 12:58 pm |
  20. beth

    Unfortunately, there are a lot of people taking advantage of the home buyer credits too. Wealthy people are lending $ to their kids so they can buy a house and then they take the credit from their kids when they get it. These are the same people complaining about the 'Socialists' , yet they have their hand out taking money they don't even deserve.

    November 10, 2009 12:58 pm at 12:58 pm |
  21. Hugo

    This program is a joke, if you were a responsible bill paying citizen and kept up on your payments you are penalized under their Help program. They have special "Platinum" program administrators that help you default on your bills so that you qualify for their program! This is unbelievable what is going on, rewarding non-producers and penalize the achievers. Sounds just like what they have done to our public schools!

    November 10, 2009 12:58 pm at 12:58 pm |
  22. LacrosseMom

    THANK YOU PRESIDENT OBAMA FOR HELPING AMERICANS!

    I am sure that the GOP will demonize President Obama for offering this help. The GOP will be critical, will call President Obama names of every sort......... however, We, the People KNOW who is on OUR side!

    November 10, 2009 12:59 pm at 12:59 pm |
  23. LacrosseMom

    When President Obama HELPS AMERICANS the GOP calls it WELFARE!

    When BUSH paid money to the president of Afghanistan's brother, the GOP ........ call it good diplomacy!

    Hypocrites!

    November 10, 2009 01:01 pm at 1:01 pm |
  24. Proud Member..Party of No

    The Rasmussen Reports daily Presidential Tracking Poll for Tuesday shows that 30% of the nation's voters Strongly Approve of the way that Barack Obama is performing his role as President. Forty percent (40%) Strongly Disapprove giving Obama a Presidential Approval Index rating of -10.

    November 10, 2009 01:05 pm at 1:05 pm |
  25. Johnny DC

    Someone needs to run statistics on the people gaining taxpayer-funded assistance.

    I'm not saying everyone deserves their lot in life. Plenty of people were forced into a predicament by medical or unfair economy-driven issues.

    But the VAST majority of the people in foreclosure status are the people who didn't plan, and lived outside of their means. In my development, there are literally DOZENS of very nice homes that are in foreclosure for that very purpose. These people do not need government assistance - they need to wake up and taste the bitter cold of reality - that not everyone gets to live in a million dollar home.

    November 10, 2009 01:07 pm at 1:07 pm |
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