Tuesday, June 09, 2009

No plan at all would be better . . .

More annoying little statistics have emerged since yesterday's rant to demonstrate the ObamaNation's failures are not limited to unemployment.

Now, we discover his "Mortgage Rescue Plan" has been an abject failure.

Remember, ye socks, when he came riding in on his white horse earlier this year, full of promises of "hope and change?" One of those promises was to help five million households who were struggling to make their mortgage payments. And, once again, he has failed to keep his promise. In fact, just last month alone, another 15% of the nation's subprime mortgages fell into foreclosure.

At the risk of offending the cult of the perpetually correct, I offer up the following real numbers [courtesy of Alan M. White at the Valparaiso Law School] to measure the depth of this latest "plan" failure:

* Of the approximately 3,200,000 subprime mortgages out there, only 19,041 were actually modified under "plan" rules . . . that's just shy of 0.6%.

* Of that 0.6%, only 11,200 households saw their monthly mortgage payments drop.

* 5,141 households seeking relief actually had their monthly payments INCREASE!

So, why is the idiot-in-chief's plan failing? Why did 464,983 homes fall into foreclosure last month alone if he had used his infinite wisdom and compassion to structure a plan that was supposed to save us from ourselves?

It doesn't take a rocket scientist to figure it out.

According to the "rescue" plan, struggling mortgage payers are disqualified if they are unemployed, if they owe more than 5% of the appraised value on their home, if they are already in default, if they haven't yet missed a payment, or even if the lender simply doesn't want to participate. And, the if, if, if list goes on and on.

It's almost as if Barack the Great wanted the plan to fail . . . wait, maybe he did?!?


I am so glad there's a basketball game on tv tonight to get my mind off all this twisted logic, at least for a while . . .

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