November 10th, 2009
11:16 AM ET
4 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. Canaman

    Obama should stop farm subsidies to farmers. That to me is socialism as well. GOPers are full of nonsense, really.

    November 10, 2009 01:09 pm at 1:09 pm |
  2. Linda from Minnesota

    Lots of bitter people out there. Betting they call themselves Christians too. Why did no one pay attention to Bush and his spending? Probably because he claims to be a Christian too.
    One thing I don't get. The conservatives call themselves patriots and say they love this country. I am a liberal and love this country too, consider myself a patriot (yes, I have a job and pay taxes) and think my tax dollars are better spent on helping people in this country than on two wars that Bush started. Why do conservatives think we liberals don't love our country or are patriots? Can someone answer that?

    November 10, 2009 01:10 pm at 1:10 pm |
  3. Joy

    To All the Critics,

    People this is not free money. These are restuctured loans.

    November 10, 2009 01:11 pm at 1:11 pm |
  4. jaye

    Thank you Mr. President – !!!!!
    We love you, and to heck with the naysayers and news media.

    November 10, 2009 01:11 pm at 1:11 pm |
  5. Dean

    I make $70,000.00 a year. If I find a mortgage company greedy enough to loan me money to buy a $900,000.00 house and fall behind in my payments will Obama give the mortgage company money to bail them out of their bad decision and then also give me mortgage relief?

    The problem with socialism is that eventually you run out of OTHER peoples money.

    Aha, that must be why China already owns us.

    November 10, 2009 01:12 pm at 1:12 pm |
  6. Happyhomeowner

    Thanks Mr. President! We have received our papers and are moving back to our home!

    November 10, 2009 01:12 pm at 1:12 pm |
  7. Laura, Boston MA

    What about relief for those who rent....? Landlords have upped the prices of rent (mine was 5% last year and I only received a 3% cost of living adjustment in my salary...

    It is unfair that only home owners are getting any help.

    November 10, 2009 01:14 pm at 1:14 pm |
  8. Candide

    How many of these people who were "helped" had gotten themselves into trouble by buying more house than they could afford to begin with? This is just another way to secure votes and pander to the irresponsible. I have no problem helping people who are in danger of losing everything due to job losses or illness, but nothing about this administration inspires confidence that the spending will be confined to the truly needy. I would like to see an actual list of those receiving the handouts. My tax dollars do go into that pot, after all, and I want to know I'm getting my money's worth. Fat chance.

    November 10, 2009 01:24 pm at 1:24 pm |
  9. Jeremy in Albuquerque

    I am an American citizen who was helped by this program after an extended period of unemployment. I was able to keep my home, my son's home, because of it. It also gave me a little more time to find and secure gainful employment and get back on track without completely annihilating my credit. My family thanks you, President Obama. Thank you very much.

    November 10, 2009 01:26 pm at 1:26 pm |
  10. Fitz in Texas

    Like many, I'm not a rich person, but I work very hard to pay my bills and don't buy it if I can't afford. I say the folks listed below, along with Obama, Reid, and Pelosi, help these homeowners that purchased a home they couldn't afford. If these members of Congress all chip in, and leave the rest of us alone, I'm sure they could fix the problem they created!

    - FIVE RICHEST MEMBERS OF CONGRESS–

    1. Rep. Jane Harman (D, Calif.): $215.11 million
    2. Sen. Herb Kohl (D, Wis.): $215.85 million
    3. Sen. John Kerry (D, Mass.): $213.8 million
    4. Rep. Darrell Issa (R, Calif.): $158.58 million
    5. Sen. Jay Rockefeller (D, W.Va.): $79.4 million

    November 10, 2009 01:26 pm at 1:26 pm |
  11. Stop the Spending

    If you are having trouble due to a job loss, etc then I think this is good and fair idea. The only problem is that the mess were are in was caused by many people who were living beyond their means. I am opposed to bailing people out who put themseleves in their mess.

    To those on here who keep blaming Bush...done is done. This country and this economy are 100% in the hands of Obama and the democrats. 10.2% unemployment is on this watch.

    November 10, 2009 01:28 pm at 1:28 pm |
  12. Tommy

    Americans will find anyway to scam anything the government offers. We are getting like Nigeria or the USSR, when does it stop?

    November 10, 2009 01:28 pm at 1:28 pm |
  13. t22

    How about they find all of us who have been paying our bills and give us a break? But if they did that, who could they tax to pay for everyone else's bills?

    November 10, 2009 01:31 pm at 1:31 pm |
  14. mark

    Where's my handout for being responsible!

    November 10, 2009 01:32 pm at 1:32 pm |
  15. Karl Dunmore

    I can sum up this country situation in two words, Blame Bush. The worst president in the history of this country. Now we expect this president to pull us out in 1 year, he can't because he is trying to clean up Cheney and Bush mess. For 8 year we watched the war president do his thing and we said nothing. How silly could be, not to expect there was a price to be paid for war.
    We need to go to Wall Street and Bush and get your money back. So to be fair, which I don't expect, give this President 8 years and then judge.

    November 10, 2009 01:34 pm at 1:34 pm |
  16. victim of republican greed

    It is good to someone who is trying to help people. We are fortunate to have an opportunity to get away from the failed policies of the morons that occupied the white house for the last 8 years, and the blind mice wingnuts that thought that destroying the middle class was good for America.

    November 10, 2009 01:34 pm at 1:34 pm |
  17. Mark

    Keep printing money Bama!

    November 10, 2009 01:36 pm at 1:36 pm |
  18. Tim

    Progress? 650,000 American's continue to live in a house that they cannot afford to buy. Someone needs to track how many of these people eventually default on their loans. My guess, high double digits, probably well over 50%.

    By the way, if they are being given debt foregivness, that is a taxable event, and they need to pay taxes on the amount of debt foregiven. They can take out an equity loan to pay those taxes.

    November 10, 2009 01:44 pm at 1:44 pm |
  19. dave g, Minneapolis

    If you're behind in payments it's probably due to you losing a job, or not refinancing to a fixed rate when you should have.

    Paying money in this case will only delay the inevitable. What are we trying to acheive here?

    November 10, 2009 01:53 pm at 1:53 pm |
  20. TSM

    Dig a little deeper into your reporting CNN. If you did, you'd discover that a lot the 650,000 trail modifications are meaningless. A lot of these loans are being put into modifications, so the servicers can collect past due fees for 3 to 6 months, while still foreclosing on the homeowner. After 6 months, many homeowners are not only not getting modification approvals, they're getting their foreclosure notice.

    You're not doing the homeowners that are loosing their homes, reporting what a success this program is....when in fact it isn't.

    The important number to report is Permanant modifications. They mean something. Temporary modifications don't mean much of anything right now.

    November 10, 2009 02:01 pm at 2:01 pm |
  21. Republican'ts are so YESTERDAY

    Yeah, darn that Obama for trying to help people stay in their houses! He's robbing the rest of us blind by trying to help people!!!! It would be so much better if he would just trump up some reason to start a war somewhere that trillions of dollars can be wasted on instead of helping American citizens!

    November 10, 2009 02:02 pm at 2:02 pm |
  22. headinmyarserepublican

    Republicans really don't get it...

    November 10, 2009 02:05 pm at 2:05 pm |
  23. Wade

    This program only delays the inevitable.
    How many of these homes have gone into foreclosure despite the loan mods?
    If it wasn't Clinton and his CRA, many of these people wouldn't be in this situation in the first place.

    November 10, 2009 02:09 pm at 2:09 pm |
  24. Kate in San Diego

    Why do republicans seem obsessed with the idea that someone else is getting something for free and they aren't? It seems like the republican party stands for nothing but selfishness and "me-ism." I have never heard one of them express concern for anything other than their own wallets.

    November 10, 2009 02:09 pm at 2:09 pm |
  25. Debbie

    Thank you Mr. President.

    November 10, 2009 02:12 pm at 2:12 pm |
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