Obama’s response to the financial crisis has been a spectacular success for the financial industry.
…In 2009, the U.S. experienced a record 3.9 million foreclosure filings. That number will rise to 4.5 million filings this year, and by the end of 2010, experts think it is likely that fully three million will see their homes repossessed. About one mortgage-holder in four is underwater that is, owes more on their home than their home is worth and one in seven is behind on their mortgage. HAMP has hardly made a dent in fixing this mess. By the end of January, the program had completed 116,000 permanent loan modifications, far short of the program s goals.
What can the Obama administration do to alleviate this suffering? Turns out, it doesn t need a new plan to modify mortgages, since there s a very good old plan on the shelf.
The Great Depression did not begin with predatory mortgage lending, but economic conditions predictably led to a foreclosure crisis. More than 250,000 families lost their homes to foreclosure in 1932. And every day brought a thousand new foreclosures in the early months of 1933.
As part…
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UnHAMPered | FDR’s superb fix for our housing crisis
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