As I posted before, I have had little positive feedback regarding the home mortgage modification program instituted by the Obama administration earlier this year. Now there is objective evidence to support that. According to the government's recently released progress report on the mortgage modification plan, only about 15% of eligible homeowners were offered assistance under the plan. Some mortgage companies haven't modified a single loan. On Monday, Senator Dick Durbin threatened the banks that if mortgage companies don't get more aggressive with their modification efforts, Congress would re-introduce legislation that would allow a homeowner to modify their mortgage in bankruptcy court. Personally, I don't feel this threat has much teeth. The banking industry lobbied so hard against the legislation the last time. I don't think consumers have a chance against this financial Godzilla.
In its first monthly progress report on the plan launched in March, the government on Tuesday detailed big disparities among the 38 companies that have signed up. Several loan servicing companies — including American Home Mortgage Servicing and PNC Financial Services Group Inc. — have yet to modify a single loan.
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President Obama has repeatedly said that a health care overhaul "will be paid for" and that he won't sign a bill that isn't deficit-neutral. But neither the House bill nor the Senate HELP Committee bill meets that criteria. According to the nonpartisan Congressional Budget Office and Joint Committee on Taxation, the House bill as introduced would add a net $239 billion over 10 years to the deficit, while the HELP Committee bill racks up more, $597 billion over 10 years.
Obama has also said he has "identified two-thirds of those costs to be paid for by tax dollars that are already being spent right now." But "identified" is the operative word. These savings are estimates and whether around $650 billion (about two-thirds of the cost of health care over 10 years) can be saved remains to be seen. Most of the money would come from Medicare, but cuts in payments to insurers and practitioners aren't popular measures that move easily through Congress.
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