Foreclosures Surge - yet Another "Obama's False Promise"!

Economic data released this week showed that Home Foreclosures surged in July, a huge 7 percent increase from June to July of this year. Notably, it was a 32 percent increase from July 2008 to July 2009.

Just within days of being inaugurated as President, Obama announced the "Making Home Affordable Program", which he claimed, will help troubled home owners refinance or modify their loan (at tax payer dollars) to make them more affordable. President Obama claimed that this will arrest the rate of foreclosures, and keep people in their homes.

Millions of hard working citizens of the country cried that the program is one of the many examples of Obama's policies of "From the People, based on their ability, to the people, based on their needs". Millions of Americans openly revolved and questioned "Why should we pay for our irresponsible neighbor's mortgage, when we have our own to pay?" Millions questioned the legality of Government forcibly rewriting pre-existing contracts between the banks and the mortgage borrower, against the wishes of the bank. Millions questioned Obama on why he is rewarding bad behavior, and punishing good behavior, by forcing responsible people to pay for irresponsible people.

But despite all the outcry and revolt from "We the People", the program was passed, and enacted into law, with strong belief in Obama's words that the program will arrest foreclosure rates, and keep people in their houses.

But 6 months have gone by. The program has done nothing to stop foreclosure rates, as witnessed by the 7 percent increase in foreclosures from June to July of this year, and 32 percent increase in foreclosures from July 2008 to July 2009. The program turned out to be yet another "False Promise" of Obama.