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Rush’s Morning Update: Faith, Hope, Change
June 28, 2010

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Well, more than a third of those who enrolled in Obama’s $75 billion “mortgage modification program” — the old MMP –have bailed out. More people have now dropped out of the programthan have had their home loans reduced under the program.

Analysts are projecting that most of those who took advantage of the program are still going to wind up in foreclosurebecause, even with the loan modifications, they can’t meet their obligations.

And there are a lot of complaints. Many borrowers accuse the banks, that were strong-armed into Obama’s program, of losing their paperwork. And the banks are accusing the borrowers of not sending back all of the necessary paperwork. Additionally, Obama pressured the banks to let borrowers sign up without first providing proof of income. (So what’s the paperwork matter?)When banks eventually demanded proof, a lot of the borrowers were disqualified– or just dropped out (paperwork not withstanding).

And now there are growing concerns of another wave of foreclosures,but Obama has that onehandled. This week, the regime announced a new programto end chronic homelessness within the next five years. How? The government is going to better coordinate their resources,and– shazaam!– homelessness will be over.

So if you’re about to lose your home,don’t worry, becausewithin five years, you’ll have a new one. Somehow. Some way. In the meantime,keep the faith, keep the hope, and keep the change — while you’re on the street, or the beach. (Watch out for the tar balls if you’re on the beach.)

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