• The Heritage Network
    • Resize:
    • A
    • A
    • A
  • Donate
  • Morning Bell: The Dodd-Frank Bailout is Already Here

    On July 21, when President Barack Obama signed the Dodd-Frank financial regulation bill, he promised: “There will be no more taxpayer-funded bailouts. Period.” How long will this Obama promise last? Well, The New York Times reports today that  “the Obama administration on Wednesday pumped $3 billion into programs intended to stop the unemployed from losing their homes,” including a program announced by the Department of Housing and Urban Development that “will draw on $1 billion authorized by the new financial overhaul law.” That’s right. The Dodd-Frank “no more taxpayer-funded bailouts forever” bill is not even a month old, and already President Obama is using it to turn your tax dollars into yet another bailout.

    And why is the Obama administration turning to Dodd-Frank bailout funds so soon after passage? Because its original mortgage bailout plan, the Home Affordable Modification Program (HAMP), has been a complete failure. Don’t take our word for it. Here are the words (pdf) of Special Inspector General for the Troubled Asset Relief Program Neil Barofsky:

    Unfortunately, HAMP continues to struggle to achieve its original stated objective, to help millions of homeowners avoid foreclosure “by reducing monthly payments to sustainable levels.” Despite a seemingly ever increasing array of HAMP-related initiatives designed to encourage participation in the program, the number of homeowners being helped through permanent modifications remains anemic, with fewer than 400,000 ongoing permanent modifications…and HAMP has not put an appreciable dent in foreclosure filings. Indeed, the number of trial and permanent modifications that have been canceled substantially exceeds the number of homeowners helped through permanent modifications.

    The American people are essentially being asked to shoulder an additional $50 billion of national debt without being told, more than 16 months after the program’s announcement, how many people Treasury hopes to actually help stay in their homes as a result of these expenditures, how many people are intended to be helped through other subprograms, and how the program is performing against those expectations and goals. Without such clearly defined standards, positive comments regarding the progress or success of HAMP are simply not credible, and the growing public suspicion that the program is an outright failure will continue to spread.

    Faced with the utter failure of its TARP funded mortgage bailout, the Obama administration is now turning to the left’s old stand-in for housing market interference: the government-sponsored entities (GSEs) Fannie Mae and Freddie Mac. Fannie Mae is now working with the National Council of State Housing Agencies to let people buy houses with little or no down payment just like the GSEs did at the height of the housing bubble. And last week, Freddie Mac was also promoting no-down payment loans, this time through an array of Housing and Urban Development (HUD) programs. All this despite the fact that last week Fannie Mae announced it lost $1.2 billion in the second quarter of this year, and this week Freddie Mac announced a $4.71 billion loss. Both companies were also forced to ask for more Obama bailout cash, including $1.5 billion of your tax dollars for Fannie and another $1.8 billion for Freddie.

    No wonder the Dodd-Frank financial regulation bill did nothing about Fannie and Freddie; the Obama administration had every intention of continuing to use them to prop up the housing market. These programs will do nothing but delay the inevitable housing market correction. Instead of letting the market sort out what these homes are really worth, the Obama administration is only prolonging economic hardship by making it harder for new home buyers to afford a moderately priced home and making it harder for those who need to move for work to sell their current homes.

    As The Heritage Foundation’s Ron Utt has documented, in 2006 (the most recent year for which data are available for the countries being compared), the homeownership rate in Australia, Canada, Ireland, Spain and the United Kingdom matched or exceeded that in the United States. But none of these nations possess GSEs dedicated to expanding residential mortgage credit. It is far past time to end taxpayer bailouts, and Fannie and Freddie are one of the best places to start.

    Quick Hits:

    Posted in Ongoing Priorities [slideshow_deploy]

    63 Responses to Morning Bell: The Dodd-Frank Bailout is Already Here

    1. Laurence Stover, 5 N says:

      Your newsletter is excellent, keep up the good work.

      This is not a complaint, I just wanted you to know that when my letter comes in the morning, I get two of them one after the other. Doesn't bother me, but thought that the information might be helpful to you.

      Thanks again – - keep on keepin' on!

    2. Florence, Upstate Ne says:

      It's obvious our government does not keep it's word and DC is a sewer that needs to be cleaned out come November before the whole country is down the drain.

    3. Gary Alaska/Nevada says:

      "Prolong economic hardship," exactly! Until what? Do these people really WANT to collapse the American Dollar? This is like a script from a really BAD hollywood horror show. Obama I at least understand, he's on a mission from Cone, Wtight, Farrakhan, Shabazz. But, Franks, Dodd, what's their motive?

    4. Don C. Hayward Monum says:

      All housig programs without exception create and perpetuate the myth that everyone is "entitled" to own a home. This myth is part of the Marxist mentality of, I suspect, a growing number of elected representatives..

      That mentality is destroying the country and God help the Republic.

    5. Mary.... WI says:

      It continues to amaze me that this president has an approval rating of 41%! He is nothing more than a non stop devious, corrupt liar. He needs to be impeached along with all his corrupt, devious, lieing democrat accomplices! In two years he has destroyed the greatest country on earth and now asks Americans to have patience while he tries to figure out how to get the country out of the mess Bush created?!! This is insanity!

    6. Allegheny934 says:

      There's a reason why "Making Homes Affordable" is failing. I know people who have been in the application process for over a year and a half. The mortgage company just keeps on asking for the same documentation over and over again, and providing absolutely zero feedback. Some have submitted the same documentation 7 to 8 times. I am guessing the truth is that the lenders just don't want to do it.

    7. toledofan says:

      A whopping $165.04 billion deficit in July, already, and the spending just keeps going and going and going. Fannie and Freddie, the culprits for the mess we're in today, sponsored by Congress, Dodd, Frank, Peklosi, Reid, and a bevy of other usual suspects, mostly Democrats; don't these people have any integrity left in their party? I just find it hard to believe that the Democrats, enmass, would support the destruction of our countries economy for some ideological position we know doesn't work, examples abound;; the lost decade in Japan, Greece, Europe in general, etc. So, why would anyone trust or be willing to vote for a party of snake oil salesmen or women who have no conscience, no moral fortitude and no alliegence to the American people, it's just beyond comprehension.

    8. Ken Jarvis - Las Veg says:

      What is it the GOP wants to do, that Obama is blocking?

      I can NOT think of one thing, can YOU?


    9. Houston says:

      Why can't the folks in Washington get this right, it's not rocket science and they have the best minds available? It is very apparent that they (politicians) don't want it to be right because it treads on there financial well being. Money, follow that trail and the truth is unveiled. IT'S OUR MONEY UNCLE SAM!!! without our $$$ you have nothing! We should all agree to not pay taxes for a year or two and see how that works for them, demand that they do what they're entrusted to do, at least be responsible, they expect us too, or do they?

    10. Richard Cancemi, Arl says:

      The Obama administration's wrecking ball continues its destruction fueled by lies, lies, and more lies! The hammering of America continues! Will people ever admit that the Liberal/Democrat/Progressives are Socialists, who must first destroy our economic system before they can impose total socialist control of everything?

    11. Jeanne Stotler, Wood says:

      I have seen some of these people get bailed out of foreclosure, they went out and bought new items for the house etc. This was last year and guess what?? It's another year and they are facing foreclosure again. It doesn't make sense, if you cannt afford the house when you buy it and it's an inflated price, you are behind in payments from the get go, you have those payments added to the rear and maybe shave off a few hundred of the monthly cost but you still cannot make it.DAH you are going to go into foreclosure yet, you just lived there for another year free, that is free for you, it cost the rest of us plenty.

    12. Pat-San Antonio says:

      Both sides of the president's mouth appear to be so different as to be unrecognizable!. What he says one day out of the left side completely changes the next day out of the other side. Hmm hmm hmm hmm

    13. don welch flint,mi says:


    14. Dot Gavin, Pas. Md. says:

      Why is everything this administration does done behind closed doors? Why are Dodd and Frank put in charge of monetary issues they failed at in the past? This regime has been as transparent as mud. They keep putting people in charge who have no record of success. They put persons in charge of things who have no expertise or experience in the field they are to run. Or they put those in charge whose views are left of left, example health care being assigned to a man who thinks Englands failing health care system is the way to go. The government got big raises last year while the private sector tightened its belt. The Obama's take vacation after vacation while the private sector stays home. I can't wait for Nov. 2010 and then 2012. I can't vote soon enough to let these people know "WE THE PEOPLE" are not happy!

    15. Jackie Bradley, Napl says:

      We need to break up Fannie and Freddie get the government out of it and general motors to.

    16. Len, Alexandria,KY says:

      " No More Bailouts" by Obummer….Reminds me " Trust Me I won't Come….."

      How long can we listen to this invetrerate liar and actually give him any credibility????? Only Progressive llons and the NYT can really listen to Oliarbummer anymore!

    17. Barbara Batchelder T says:

      When the next housing bubble breaks…and I'm afraid it will…the Federal Government, through Fannie and Fredie, will own the homes. Socialist do not believe in private property ownership. This will bring us one step closer to losing our liberties to big Government. Vote for conservatives. It's our only hope to saving our Republic.

    18. Carol Leon says:

      As a new subscriber and supporter of the Heritage Foundation I daily receive the numerous newsletters made available to members. I find this to be a love/hate experience as I enjoy the extensive information afforded me all the while being consumed with dismay and disgust with the overall story depicting what is now the USA. I find solace in that organizations like yourself have strong memberships and that these American people do not let the somber truths of the day prevent them from being informed and proactive. God bless America!

    19. James Marsh says:

      One of our biggest problems right now is unemployment. The number of illegal aliens(LAWBREAKERS) is about equal to, or maybe greater than this number.

      If we had a big drive right now and deported all of them, we would have enough jobs for ALL of the LEGALS and maybe a few more.

      Why are people fined for not wearing seatbelts when the Illegals harm whole families by taking up their jobs? Oh yes, as a pilot, I believe in seat belts.

    20. Nancy Jones, Auburn says:

      This is so frustrating! Why does this administration keep doing everything completely wrong? These sorts of policies have never worked…never! I can't figure out whether this is some nefarious plan to destroy the US economy so completely that they can then install a more hard tyranny or are they simply a bunch of arrogant fools with too much power and too little economic knowledge? What do all of you think?

    21. Barbara Walsh Hollan says:

      Aren't Dodd and Frank the ones that got us into this mess in the first place? Now they are at it again what is Washington thinking? No wonder the voters want to throw all the bums out. Also if you took all the billions of dollars thrown away in these programs and just gave each family the house they couldn't afford at what they owed you would probably have money left over. Here in Michigan there was a 159 million dollar program for the people in trouble to help save their homes. It figured that maybe 15,000 people would be helped that comes to 106,000 dollars per person. But the people were actually eligible to borrow $10,000 per family. Where was the other $96,000 going? And the poor people looking for help were only getting another loan they probably couldn't repay. And Washington wonders why they have a 22% approval rating.

    22. Kent Rebman, Brownsb says:

      I enjoy the Morning Bell but one quibble here: " … so far in fiscal 2010, the government has spent $1.169 trillion more than it made." Unless you're explicitly talking about money made as in printed by the Treasury Department, it doesn't *make* any money. It only has what it extorts or borrows.

    23. Gerald Poe, Los Ange says:

      Read SIGTARP Mission statement – this is all far from that proposed or acted upon.

    24. Melba, Alberton, MT says:

      I have a friend whose mortgage is $800.00 a month. He went in and applied for one of the programs to reduce his mortgage to $600.00 a month. He lives on SS of $1300 a month, but has to work 40 hours a week at a minimum wage job so he can pay his mortgage and other expenses. He is 72 years old and really needs to work less. He was refused admission to the program because he makes too much money. So if he quits his job he will qualify for help that will reduce his mortgage to $600.00 a month. He won't be able to take advantage of this "great deal" until he finishes paying off his late wife's hospital bills. If these Obama bailouts do not go to people like him, it is obvious why they are not being used well.

    25. Pamela /Lincoln, ne says:

      When does it stop. when is someone going to get rid of these people and Obama.

      What a joke on the people of this country and it doesn't matter what the color of their skin is or where they come from etc etc etc…………

      These people are dangerous and continue to screw all of us time and time again so they are set for life.

    26. Tim Brown, Beaver, P says:

      "…making it harder for those who need to move for work to sell there current homes."

      Fix the typo…"..there" should be "their"

    27. West Texan says:

      Why do leftist administrators and legislators continue to push opposing economies? Their tax funded socialist against America's job producing free market. They penalize and undermine responsible behavior while rewarding careless indifference. Adding insult to injury, they personally lavish themselves with riches and wannabe celebrity. When will we have a national government that honors constitutional boundaries? How about upholding their primary role? Such as securing our southern border? Doesn't take a Harvard PhD to understand basics like the limits of law enforcement in matters of defense. We must return to custodial leadership. Not a dictatorial "CHANGE" to a new world order. Have any of these left leaning morons learned anything from history? Apparently "NOT" as they continue down a path of absolute ignorance.

    28. Brian, Michigan says:

      Has anyone asked the question of why the administation needs additional money for the HAMP program if they aren't working through as many failing homeowners mortgages as planned?

      The same goes for the failing HARP mortgage relief plan. Any excuse that can be found not to refinance an existing mortgage at a lower rate seems to be the mode of operation. The big banks are getting paid whether they close a refi or not. They receive a payment just for taking the application! (and yet the program was just extended for an additional year).

      Just asking…….

    29. Len, Alexandria,KY says:

      F ohttp://www.youtube.com/watch?v=Q6Yv7jT0TX0&feature=fvwr the REcord… Ole Barney still "SEES" No problemd with Freddie and Fannie

      And MORE facts

    30. Jeanne, Nebraska says:

      20 yrs. ago we got an FHA loan for our farm operation. The stipulation was that we had to take finance classes and our budget was followed by the FHA. It was a real pain, but made us accountable to pay our bills & loan payment. Why aren't the banks or govt. doing this instead of just handing out loans for those who haven't learned how to handle their finances any differently than when they started.

    31. paul, the villages,f says:

      Lest's face reality,this administration is not making any mistakes,it is doing exactly what it intends to do.The sooner they make everyone under government control,the sooner they can claim the only way to save our country is for them to take control and save us. We better start changing things in november or there may not be any stopping them.By 2012 they will have so much control,they will say that there not be any elections and just declare themselves permanent rulers.SO IF YOU WANT TO SAVE THIS COUNTRY,BE SURE TO GET OUT THERE AND VOTE

    32. Dennis Davis Auburn says:

      Good Morning,

      I wrote a 7 page document "The Differences Between Republicans and Democrats" I am not a known writer maybe the hook would be, regular American expresses his views on the democrat parties of today. If your interested please let me know, I will E-Mail it to you.

      I do believe that you will find this document interesting, and very provocutive.

    33. KB in PA says:

      By voting Obama into office nearly two years ago, America is now suffering the consequences of having essentially passed a sentence upon itself. With their entranced, mantra-like chanting of, "Yes We Can," this willfully self-blinded majority of Americans marched us directly into what appeared to their uncritical minds to be a grand ballroom, filled with light and music.

      In reality, it is a dank, dark, underground prison.

      The door behind us now, is nearly slammed shut.

      Unless at least a sizable number of those who have, however unwittingly, dragged the rest of us in here with them, will now shake from themselves their cobwebbed stupor, and join in with us to break back through that door, before it the bolts on the other side are shot forever into place, and there is no longer ANY possibility of escape, there is no hope.

      Twenty-two years ago, Americans stood in the streets of what the great majority of us embraced as "the shining city on the hill." But, now, having been driven down the hill, and into this dungeon, by a completely different kind of majority who don't even remember the city, it's all but impossible to see it, any more.

      The lights have all but gone out, in "the shining city on the hill." At this moment, only one question remains: Do we really have what it takes to break back out of here, and find the tremendous, tremendous courage that will be required to retake that hill?

    34. HMThompson, Seattle, says:

      HAMP Program? What a flipping joke. First, I was I take full responsibility for my stupid choice to buy a home with no down, ARM, interest only, etc. I did it and I should have never taken the loan. It was one of the worst decisions I ever made. I thought I would just try to see if I qualified for this so-called HAMP program. I did…and after all the mortgage company BS, I finally found out that I was eligible for two to three months of adjustment. It was harder to get any answer to if I qualify than it was to actually get my loan. I partly blame the mortgage company and the absolute abject failure of a program that did…what, really? Even if I did qualify…it was for a couple of months to lower my payment. What does that really do? One more program that forced the private sector to do something that the government thought was going to be politically expedient. OK, so are you ready for how much it was going to be reduced? About 5%. For two or three months. This, after three months of waiting, sending over 100 pages of documents, documentation and reasoning why I should be considered, etc. I could not believe it. Then I remembered this was a government program. It was flawed from the beginning. I did what I should have done in the first place: Buckled down and just made sacrifices.

    35. Margaret, Kent Islan says:

      If right-minded people can get it together, we can end this debacle in November. We just need to show up at the polling places and vote them out of office.

    36. Pat Thomas, Arlingto says:

      I find it amazing that Sen. Dodd and Rep. Frank are never asked point blank why they are so determined to continue to protect and defend Fannie Mae and Freddie Mac, organizations they used to promote irresponsibility across the country, by insisting that people who could not afford them, be given loans. Surely they must feel some guilt, having brought about the inevitable burst of the housing bubble. They seem to choose to put the blame on everybody else.

    37. craig says:

      Here again as many times before we see the Obama regime and its dubious allies proving the old adage that the mark of the true idiot is in that they make the same mistake time and time again and expect different results. This Barack Hoover Obama administration is indeed the worst thing that has ever happened to this country. If we fail to toss out the regime of these Demonrats in November, perhaps you might want to start looking around for another country to live in.

    38. Timpclimber Provo, U says:

      Fool me once and I will question you. Fool me twice and I will question me. Fool me over and over and I will vote you out of office as ASP and never forget. Claiming to pay for something by promising to cut something years later is a foolish political lie. Its akin to a repo man holding the balloon payment contract on my new truck.

    39. Jill Maine says:

      OBama is always saying he inherited this economy but he played a large part in making the problem. It is the democrats who hid the Fannie Mae Freddie Mac problem and that is why this recession was so bad. The Pres was not a senator for long but he did engage in filibustering Bush's attempts to look into Fannie and Freddie.

    40. Henry says:

      AMERICA was on a roll with all the free homes, this was keeping a mass amount of people working, builders, concrete, wood, heat and air, realtors ,bankers, freddie and fannie, roofing, appliances, and the list goes on and on, so who was going to step in and put the brakes on this roll.

      What out federal government failed to realize was, people must have jobs to afford homes, and they need to buy what they can afford. You cannot put people in free homes without jobs.

      Our federal government also pushed all working AMERICANS to put their money in 401's. Guess what our 401's was a gamble and the AMERICAN working people lost. The stock and mutual funds are all frauds.

      Wall street and bankers got your 401's and walked away with billions of dollars.

      Why is there a bank on every street corner in AMERICA? WHY are all the banks building more each day?

    41. rosemarie, fresno says:

      please AMERICA start IMPEACHING OBAMA that lier, you will soon be the new

      socialistic country , the way he had desighnd his campaining , to be president of the best country there is, OBAMA YOU ARE THE BIGEST LIER THERE IS,

      i`m from a socialisric country , and belive me you will be lost,

      I`M SAD SAD , came to this country to be free , will you americans investigate , that he is not born in HAWAIE, i had a pice of paper just like he showed , it tells you that you were born and not found under a rock,



    42. Michael J. Gerrior, says:

      This makes me so angry I could spit.

    43. Greg, Prescott Valle says:

      The only way to stop our government from spending is to cut them off, with a publicly, globally announced statement of no confidence. We must force federal activity to come to heel, by enforcing Constitutional spending guidelines. Let the addicts of spending and socialism experience the withdrawal from public cash pried from business, families and future generations.

      A public declaration to the world would cause global lenders to stop funding this rampant government.

    44. Drew Page, IL says:

      Another promise from Mr. Obama, per the Dodd-Frank Financial Reform bill, "no more taxpayer bailouts forever". This president couldn't tell the truth if his life depended on it.

      Since that bill was passed last month we have had a $26 billion dollar "Teacher Union Bailout" and now a $3 billion dollar "Unemployed Homeowner Bailout". In the meantime, if the above article is accurate, Fannie and Freddie, infamously exempted from the "Financial Reform" bill, are up to their old tricks, no money down mortgages. These two splendid institutions were the leading cause of the banking crisis, are still hemorhaging red ink and have their hand out to Mr. Obama for another $3 billion in bailout money, which I"m certain they will get.

      Now Mr. Obama can campaign and tell his constituencies that those nasty old Republicans were stingy. "They don't want us to lend money to people who can't pay it back. That's unfair. That's discriminatory and racist. They have nice homes and don't want you to have the same right. Everyone has a right to a nice home (whether they can pay for it or not)."

      The only promise Mr. Obama made that he has kept is the one he made to 'Joe the Plumber', when he said "We're going to redistribute the wealth." He sure as hell kept that promise.

    45. Lou, Tucson AZ says:

      We (speaking collectively) are to blame for this. We continue to vote election after election for the same crooks like Frank, Dodd, Waxman, Waters, Rangel, Pelosi, Reid…etc etc. We always find fault with the senators and representatives of OTHER states, but keep voting back in our own.

      I've never been politically active. I've voted because it's a privilege. This year, the stakes are way too high. I joined a campaign to ensure Gabrielle Giffords is NOT reelected. I'm holding her accountable for voting along with Obama/Pelosi/Reid over 95% of the time. I can't do anything about the crooks in other states, but I'm doing what I can to make sure that MY district does not return another Obama Zombie to congress.

      I suggest you do the same. Get active. Do it now. Collectively, we can make a difference. The progressive/liberals MUST be defeated.

    46. KLIMAX Baltimore, Ma says:

      Just how are the 53% of Americans who actually pay taxes supposed to keep a smile on their faces when NObama is repeatedly "RAPEING" them ???!!! I would like to know how NObama manages to balance his checkbook ??!! Does he have his own printing press because the way he spends OUR money he has to be just as sloppy with his own !!! Freddy and Fanny must be shut down before they steer us into another economic crash with NObama at the wheel !!! I want to know how large the kick backs are that the Democrats are getting from the mortgage companies or are they guaranteed jobs after the voters run them out of office???!!!

    47. mary etterling frank says:

      I just sent an email with a valid email address, which you told me it was not. So if U don't want my opinion, don't ask!

    48. mary etterling frank says:

      c. dodd is a MORON, b. frank well we all know what he is, FYI he is a MORON as well! Here's the bottom line, am sick & tired of taking care of people that don't try to take of themselves. Maybe they should be living in a cave, like the animals that they are! My husband & I have worked hard all of our lives for what little we have, am sick & tired of trying to take of everyone else.

    49. Norbert, Ohio says:

      Fannie Mae and Freddie Mac both have to quit loaning money to people who cannot afford to buy houses now period! The people that are running these two companies need to be let go and hire someone competent to run them. They need to enforce standards to the same level that existed before this sub-prime debacle. However we will have to wait until we elect much more competent representatives to congress. I would not be surprised if the congressmen that put us in this pickle can even balance their own checkbooks! It is surely evident that the can't balance our governments budget! They need to be fired in November. Less Government = More Freedom.

    50. Tom K says:


    51. Dennis Hulse, Palmer says:

      It all sounds like his 'socialism' agenda is alive and well. By giving everybody cheap affordable housing and making them dependent on voting Democrats to keep the house he secures his programs as well. You have to make him accountable at the coming midterms if you want things to change for America because leaving him there in the Whitehouse you will just get more of the same socialist agenda. …from down under I wsh you well folks. ….Kanwi

    52. Adam Fort says:

      Dear God help us, please.

    53. Bobbie says:

      It's hard to believe the difference the federal governments' expectations of personal responsibilities to personal choices are, when it comes to equality. He holds the responsible accountable to the expense of the irresponsible instead of holding the irresponsible accountable to be responsible. That's equality.

    54. David Houston TX says:

      Thank God we have the United States Constitution to guide us!

      Cast your VOTE In November to oust the incumbents!

      If this is unsatisfactory, exercise Article II, Section 4!

    55. Daezy, Santa Cruz says:

      Can these unaffordable (now called unsustainable) unconstitutional give aways be reversed once we get some responsible people in congress?

      This is just devastating to anyone with common sense. I feel sick to my stomach.

    56. Pingback: The Dodd-Frank Bailout is Already Here - TeamstersOnline

    57. Blair Franconia, NH says:

      When you're in a hole, stop digging.

    58. Jackson Pearson, CA says:

      The only bailouts these two crooks should bet getting, are from Ft. Leavenworth penitentiary.

    59. M J Dearborn Mi says:

      After almost 9 months of please send more documentation, my Wife and I received our loan modification from AHMSI which purchased in a bundle our mortage was attached to from CITI Bank almost 2 years ago. Now from what my new contract reads AHMSI only reduced my fixed Intrest 6.9% existing 30 year loan to a balloning 5 year at 3.000% to 1 year at 4.000% and the balance of 8 years at 4.900%. With this program that the President and the Dems inacted, my family will be able to stay in our home, and it seems to me that the only money lost was out of the origional interest rate reduction. Looks to me that this is working, sure I now have a ARM but it will fix after 6 years at 4.900% for the remainder of the loan. Very satisified with American Home Mortage Servicing Inc here in Michigan

    60. Bobbie says:

      I wouldn't be so trusting, M J Dearborn! Especially if they suckered you into an ARM! How many days and hours does it take to fill out the paperwork you wouldn't necessarily have had to? How many irrelevant questions does it ask? Questions for purposes unknowing to you? Good luck!

    61. Bobbie says:

      I wouldn't be so trusting, M J Dearborn! Especially if they suckered you into an ARM! How many days and hours does it take to fill out the paperwork you wouldn't necessarily have had to? How many irrelevant questions does it ask? Questions with your personal answers, for purposes unknowing to you? Good luck!

    62. Bobbie says:

      Sorry,, I meant M J without the Dearborn.

    63. Bobbie says:

      Sorry about the Dearborn! No commas…

      haha. oops

    Comments are subject to approval and moderation. We remind everyone that The Heritage Foundation promotes a civil society where ideas and debate flourish. Please be respectful of each other and the subjects of any criticism. While we may not always agree on policy, we should all agree that being appropriately informed is everyone's intention visiting this site. Profanity, lewdness, personal attacks, and other forms of incivility will not be tolerated. Please keep your thoughts brief and avoid ALL CAPS. While we respect your first amendment rights, we are obligated to our readers to maintain these standards. Thanks for joining the conversation.

    Big Government Is NOT the Answer

    Your tax dollars are being spent on programs that we really don't need.

    I Agree I Disagree ×

    Get Heritage In Your Inbox — FREE!

    Heritage Foundation e-mails keep you updated on the ongoing policy battles in Washington and around the country.