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Obama Scorecard: Foreclosure programs aid 1.4 million homeowners

The Obama administration plans to implement new measures to slow the pace of home foreclosures, even as concern grows about the effectiveness of the federal government’s expensive intervention program.

The Obama Administration’s foreclosure mitigation programs continue to provide relief for millions of homeowners in the housing recovery. As a result, the Making Home Affordable Program has assisted more than 1.5 million distressed borrowers since its inception in 2009, the Obama Administration said in its February Housing Scorecard report.

In a february 2009 speech in Arizona, Obama announced housing initiatives that he said would help between 7 million and 9 million homeowners avoid foreclosures. But the two major programs. offered.

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e Obama Administration’s E orts To Stabilize e Housing Market and Help American Homeowners July 2012. more than 1.4 million loss mitigation and early delinquency interventions. The Administration’s programs continue to

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The housing scorecard. aid offers were initiated between April 2009 and the end of October 2010-more than double the number of foreclosure completions during that time. These actions included over.

To make amends for his damaging disparagements of business conventions in Las Vegas, Obama went there shortly after announcing the deficit commission and announced a $1.5 billion program for housing.

Homeowner equity jumped 6 billion, or 5.9 percent, to $7,275 billion in the second quarter of 2012, according to the Obama Administration’s September Housing Scorecard. million in the second.

More than 29,000 troubled American homeowners have been stuck in mortgage modification purgatory for at least a year, with no end in sight, under the Obama administration’s anti-foreclosure program, according to a recently released report from a watchdog panel appointed by Congress.

-More than 3.9 million mortgage aid offers were initiated between April 2009 and the end of October 2010-more than double the number of foreclosure completions during that time.

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The housing scorecard is a comprehensive report on the nation’s housing market. "The Obama Administration’s broad set of programs have helped promote stability for the housing market, neighborhoods, and the nation’s homeowners, but there is much more work to be done," said HUD Assistant Secretary Raphael Bostic.

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A bright spot in the report highlighted the Obama. aid has outpaced foreclosures. The Making Home Affordable Program has helped 2 million homeowners, while the home affordable modification Program.

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