It must be difficult for the All Barack Channel - ABC to report the facts but I suppose they have to at least try to give the impression that they are a non biased news organization.
Only 12 percent of U.S. homeowners eligible for loan modifications under the Obama administration's housing rescue plan have had their mortgages reworked, and millions more foreclosures are coming, the Treasury Department said on Wednesday.
A Treasury report showed 360,165 people had their monthly payments reduced through August, up from 235,247 through July, but a senior Treasury official conceded much more must be done to soften the impact of a severe and prolonged housing crisis.
Treasury has begun releasing monthly reports on the loan modification program, called the Home Affordable Modification Program or HAMP.
In July, it said that just 9 percent of the estimated number of homeowners eligible had had their loans modified, so Treasury's assistant secretary for financial institutions, Michael Barr, was able to claim modest progress in August.
He told a House Financial Services subcommittee that the program launched in February, which brings banks and loan servicers together with at-risk homeowners, was on target to help a half million Americans homeowners by November 1.
But that is a small start on a huge problem at the heart of U.S. economic woes.
Barr said that "even if HAMP is a total success, we should still expect millions of foreclosures" as administration and industry efforts continue to stabilize a crisis-stricken housing sector.
Barr said a strong housing market was "crucial" to a sustained U.S. economic recovery and described the slump in prices and demand in the housing sector as being "at the center of our financial crisis and economic downturn."
He noted that analysts anticipate more than six million Americans could lose their homes in the next three years. Rest here. This raises another issue, i.e. our government blowing more bubbles! We have been well informed by the mainstream media about the banks role in this regard but ill informed about the politicalization of the Federal Reserve. No wonder the All Barack Channel does not like citizen journalists!
Time to End the FED that way this supposedly private yet federal? entity cannot be used to destroy our economy by Wall Street or our politicians. So what will the most transparent administration say perhaps they are chicken.