Sorry, Homeowners: Fed Foreclosure Program Rigged for Banks


Last February, President Barack Obama promised to help 9 million homeowners stay in their homes. How many have been helped today? Only about 650,000 have been offered trial modifications and a small percentage of those received permanent modifications. No numbers have been released about how many got help with refinancings, but many complain about the high closing costs of the Obama program.

Why have these programs been such an abysmal failure as millions face foreclosure? The administration seems more worried about protecting the profits of the banks than caring about the people struggling or the neighborhoods deteriorating.