Tuesday, November 10, 2009
U.S. Says Mortgage Help Is Reaching More Homeowners
WASHINGTON (AP) — After a slow start, the Obama administration’s mortgage relief program has reached one in five eligible homeowners, a government report said Tuesday.
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2 comments:
What really strikes me the most about the mortgage relief program is how consumers need to file a large amount of paperwork before hand. Although I believe it is important to be able to gauge which people will be reliable, in the end people are going to respond to incentives. Fewer people are opting for the program than the Obama administration had planned and I think a large part of that is the government may have created an ordeal mechanism by making it too difficult for people to apply.
I agree with Brandon. I think the government has good intentions with its stimulus programs, but I think they often turn into an administrative nightmare. The same thing happened with Cash for Clunkers--my local car dealer, who has been in business for over 30 years, told me he wasn't even participating in it because the paperwork was overwhelming. When things like that are happening, I wonder how many of the people who really need help are actually getting it.
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