October 28, 2011

FAILED PROMISE: Obama On Foreclosures

Obama Fails On Promise He Made Three Years Ago Today To Stop Foreclosures
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Watch Obama Promise To Stop Foreclosures

FAILED PROMISE: OBAMA FAILS TO STOP FORECLOSURES

THEN: On October 28, 2008, Obama Ensured His Financial Rescue Plan Would Stop Foreclosures. OBAMA: As President, I will ensure that the financial rescue plan helps stop foreclosures and protects your money instead of enriching CEOs. And I will put in place the common-sense regulations I've been calling for throughout this campaign so that Wall Street can never cause a crisis like this again. That's the change we need. (President
Barack Obama, Remarks, Chester, PA, 10/28/08)

NOW: Since President Obama Took Office, Over 7.5 Million Properties Have Received Foreclosure Filings. (RealtyTrac, Accessed 10/24/11) In 2010, One In Every 45 Housing Units Received A Foreclosure Filing.
Release, Record 2.9 Million U.S. Properties Receive Foreclosure Filings In 2010 Despite 30-Month Low In December, RealtyTrac, 1/12/11) (Press

President Obama Promised That His Housing Program Would Prevent 7 To 9 Million Families From Foreclosure. And we will pursue the housing plan I'm outlining
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today. And through this plan, we will help between 7 and 9 million families restructure or refinance their mortgages so they can affordavoid foreclosure. (President Barack Obama, Remarks
On The Home Mortgage Industry In Mesa, Arizona, 2/18/09)

But Obama Has Only Helped 1.7 Million Avoid Foreclosure Of The 9 Million Homeowners He Promised. President Obama pledged at the beginning of his term to boost the nations crippled housing market and help as many as 9 million homeowners avoid losing their homes to foreclosure. Nearly three years later, it hasnt worked out. Obama has spent just $2.4 billion of the $50 billion he promised. The initiatives he announced have helped 1.7 million people. (Zachary A. Goldfarb, Obamas Efforts To Aid Homeowners, Boost
Housing Market Fall Far Short Of Goals, The Washington Post, 10/23/11)

Democrat Rep. Dennis Cardoza (D-CA) Said Obamas Most Recent Proposals On Foreclosures Are More Of The Same. REP. DENNIS CARDOZA: With regard to the president's housing proposal, I am very concerned that it's more of the same. ... But theres been far too little and its taken far too long. (MSNBCS Daily Rundown, 10/24/11) Click To Watch Democrat Criticize Obama On Foreclosures

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