Obama's Promise to Save Homes

Source: Associated Press

In 2009, President Obama signed a law to help homeowners save their homes from foreclosure. Must like other federal programs, the law was meant to help but in facts helps very few people. Worse, it gave hopes to millions of home owners and instead left them hopeless and resentful of the federal government and President Obama.

Here's the facts.

• President Obama promised to save 4 million homes whose home value declined in comparison to the principal of the mortgage.
• Only 449,000 homes have been saved thanks to this problem.
• As of August, 680,000 homeowners were denied new loans. This is a 51% disqualification rate.
• This month, only 18,000 homeowners are bothering to apply. Compare it to the 100,000 applicants in the first month the program was available.

This is just another lesson of how useless it is to count on the government to get the economy going again. They pledge millions of dollars but the requirements are impossible to meet for the average American.

Something else to consider, all this stimulus money is earmarked for government and public works jobs. That means if you want to work, you have to work for the government or for the powerful unions.