One Million Foreclosures in 2010: That’s Recovery, Mr. President?

By John W. Lillpop

President Obama has repeatedly promised the American people oodles of hope and change. So far, he has delivered tons of despair and more of the same.

The latest example involves what was once the American Dream, but which Obama and fellow Marxists have transformed into the American nightmare from hell.

As reported, in part, at yahoonews.com (1):

“LOS ANGELES – A record number of U.S. homes were lost to foreclosure in the first three months of this year, a sign banks are starting to wade through the backlog of troubled home loans at a faster pace, according to a new report.

RealtyTrac Inc. said Thursday that the number of U.S. homes taken over by banks jumped 35 percent in the first quarter from a year ago. In addition, households facing foreclosure grew 16 percent in the same period and 7 percent from the last three months of 2009.

More homes were taken over by banks and scheduled for a foreclosure sale than in any quarter going back to at least January 2005, when RealtyTrac began reporting the data, the firm said.

"We're right now on pace to see more than 1 million bank repossessions this year," said Rick Sharga, a RealtyTrac senior vice president”

Once again, our allegedly “brilliant” president has failed miserably.

More from the referenced report:

“The Obama administration's $75 billion foreclosure prevention program has only been able to help a small fraction of troubled homeowners.

About 231,000 homeowners have completed loan modifications as part of the Obama administration's flagship foreclosure prevention program through March. That's about 21 percent of the 1.2 million borrowers who began the program over the past year.

But another 158,000 homeowners who signed up have dropped out — either because they didn't make payments or failed to return the necessary documents. That's up from about 90,000 just a month earlier.

Last month, the administration expanded the program, launching a plan to reduce the amount some troubled borrowers owe on their home loans and give jobless homeowners a temporary break. But the details of those programs are expected to take months to work out.”

This latest failure is on top of the Obama non-stimulating “stimulus” trillion, his foolish effort to close GITMO and try terrorists like KSM in civilian court right next to ground zero, the bungled cash for clunkers debacle, the idiotic abandonment of Israel, the fascist ramming through of a health care fiasco that continues to grow in disfavor with the American people, the mindless dedication to the cultish global warming myth despite obvious fraud and deceit, and the extremely dangerous and tinkering with the federal deficit by an inexperienced amateur.

Oh, and do not forget the announcement by Russia that Iran will have a functioning nuclear reactor by August, on the heels of Obama’s simple- minded and dangerously naïve nuclear summit.

Has there ever been a less competent and more arrogant president than Barack Hussein Obama?