By Pete the BankerCitizens have it right; the President doesn’t. Delaying the inevitable foreclosure crunch just makes it worse. That’s what the latest polling by Rasmussen indicates. Americans expressed more faith in the market solutions in resolving the housing crisis than in the Federal Government.
In a poll issued on Thursday, February 18, 2010, respondents over whelming wanted the government to take a hands off approach, “Sixty-one percent (61%) of Americans say it is better for the economy for the government.
In a poll issued on Thursday, February 18, 2010, respondents over whelming wanted the government to take a hands off approach, “Sixty-one percent (61%) of Americans say it is better for the economy for the government.
Not to be deterred from interference, the White House (here) announced the following day, Friday, February 19, 2010, that it was considering new steps to “Delay Home Foreclosures” stating that, “The possible next moves would create numerous new policies and procedures for banks, investors and mortgage servicing companies that participate in the Administration’s $75 billion Home Affordable Modification Program [HAMP], which provides financial incentives to them – and homeowners — to modify loans.” 
And in Las Vegas on Friday, February 19, Obama announced the diversion of TARP funds to aid “the states hit hardest by the housing crisis” allegedly to fortify the new attempt s to interfere in the market ( and delay resolution to the housing crisis.
The HAMP program has already offered temporary and permanent loan modifications to some 860,000 homeowners despite the ominous record of modifications in mitigating the homeowner’s ultimate loss of the property. Delaying the foreclosure process has also provided a shadow overhang of housing inventory which continues to depress housing prices and the willingness of many buyers to step forward to purchase since they anticipate lower prices when these foreclosed properties are dumped on the market.
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