Extend and Pretend

An article out of the Huffington Post entitled "Extend and Pretend" discusses how the current administrations plan to combat the housing crisis has only extended the inevitable.  The effort created by the administration was to modify the terms of the loan in an effort to keep people in their homes.  This effort cost the tax payers 75 billion dollars, with 1.5 million people participating in the first year.  Of that 1.5 million 40% (or 600,000) have been kicked out of the program.  I have to imagine that by delaying these foreclosures, we succeeded in delaying the inevitable for the economy, only at a 75 billion dollar price tag.  [ read more... ]