How’s that $75 billion ‘Housing Rescue Plan’ working out for you?

I read this story and I am amazed! FINALLY a press resource that actually followed up on something. Props to Forbes!

This is a stunning report on Obama’s Housing Rescue plan released in March 2009. this is the program created to help up to 9 million homeowners refinance their mortgages. If you recall this was an EMERGENCY; we had to act immediately.

So of the 9 million in need how many have utilized the program?

Senior federal housing officials say that of 51 loans made under the program, 50 were made by Melville, N.Y.-based Lend America, and those 50 loans are being held up pending ongoing federal investigations.

Ok, so out of 9 million people only 51 people qualified and took advantage of the program! Out of the 51 loans, only one loan has actually completed. Way to research the problem and present a viable solution!

When this program was announced I was asking, “how can you possibly spend $75 billion on 9 million people. That comes out to $6.3 million $8,333 per affected homeowner. All that just to modify the loans? No one in our free press asked this question?

The next appalling fact is that 98% of these loans are shrouded in scandal. How does this happen? All you have to do is refinance a loan. How can you possibly screw this up?

The 50 loans being examined by federal authorities are a just a small piece of the $500 million in FHA loans Lend America underwrote last quarter. The company also recently became one of a hundred firms allowed to bundle these 100% taxpayer-guaranteed loans into securities.

Stay tuned on this one.