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HUD Chief Blames Congress for Hope for Homeowners’ Failings

December 17, 2008 RSS Feed Print

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More details on Hope for Homeowners' wildly underwhelming start: only 312 applications so far and--you guessed it--congress and the administration are blaming each other for its shortcomings.

From The Washington Post:

The three-year program was supposed to help 400,000 borrowers avoid foreclosure. But it has attracted only 312 applications since its October launch because it is too expensive and onerous for lenders and borrowers alike, Preston said in an interview.

"What most people don't understand is that this program was designed to the detail by Congress," Preston said. "Congress dotted the i's and crossed the t's for us, and unfortunately it has made this program tough to use."

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It started with Reagan, Bush Sr, Clinton and Bush Jr chopping at deregulation of the mortgage industry. Bush Jr really did the most damage with Subprime and Arm Loans, allowing Loan Originator and Loan Officer underwriting their own loans, THESE PEOPLE ARE PAID BY COMMISSION. The economy was bad doing Bush Jr and the home industry KEPT US A FLOAT, but the terms came in at the same time which took the mortgage industry down, also most factories were closing and moving overseas because of cheaper labor and tax breaks during most Republican Presidential terms. Simply check the labels on things you have purchased to see where they were made and think how long you will have a job. What is sad we are helping them build a military and weakening ours....Following politic is better than a soap opera...lol

Emily Walker of TX 7:38PM March 08, 2011

Many,if not most of the foreclosures that have and are happening,SHOULD.Thanks to the Clinton administration and,before it,the Carter administration,way too many people that simply could not afford a mortgage,got one.That's what caused the housing boom and what caused the housing bust.It brought down Fannie Mae and Freddie Mac.When the Bush administration brought this up right after they came into power,they were shouted down by Chris Dodd and Barney Frank.They said that neither Fannie nor Freddie was in any trouble.Everyone who got a mortgage without actually qualifying for one should lose their home.That's the only way the housing crisis can end in our lifetimes.Reality is a bitch,but,it's what we need a dose of!That's the only thing that will save our economy.These people should not have gotten home loans if they couldn't pay for them.If the gov't starts giving them breaks that the rest of us don't get,it will compound the problem and extend it's resolution for years.The over-all economy is more important than people who bought homes that they could not afford or ever pay for if they got renegotiated a million times.If the Gov't steps in to help individuals in this large of an economic crisis,they not only should be overthrown,but,might well be.

Tim Schubert of IL 10:24AM December 18, 2008

HUD is the failure. They have a history or shakedowns and extortion. People that have participated in it (see their attempted shakedown of the Philadelphia FHA) are still there in leadership. Did anyone think that the culture had changed? HUD helped finance ACORN, who thought shakedowns were how business is conducted. Steve Preston, HUD Secretary is head of the most disgraceful corrupt organization in government, and it is unthinkable that this incomptent group of thugs and crooks who helped bring this economy to its knees would be pointing the finger at anyone. While abolishing HUD is unlikely, or "blowing it up" as recommended by former HUD Secrety Henry Cisneros, then this organization must be cleaned out on every level. It needs a person of character and integrity to lead it. Someone who will make shakedowns and extortions something that will not be tolerated. If that does not happen then this CORRUPT-TO-THE VERY-CORE cancerous mafia will continue to bring this country down.

Hag of CA 7:46AM December 18, 2008