FAILED PROMISE: Obama On Foreclosures

- October 28, 2011

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


 Watch Obama Promise 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. (Press Release, “Record 2.9 Million U.S. Properties Receive Foreclosure Filings In 2010 Despite 30-Month Low In December,” RealtyTrac, 1/12/11)

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 today. And through this plan, we will help between 7 and 9 million families restructure or refinance their mortgages so they can afford—avoid 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 nation’s crippled housing market and help as many as 9 million homeowners avoid losing their homes to foreclosure. Nearly three years later, it hasn’t 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, “Obama’s 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 Obama’s 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 there’s been far too little and it’s taken far too long. …” (MSNBC’S “Daily Rundown,” 10/24/11)

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