I don’t think so!   -  Not widely reported  is the fact that very, very few of those that have attempted to use the existing loan mod programs have been successful, and that 50% of those that were successful in getting their loan mod approved are ALREADY late in making their mortgage payments…. meaning  they will be kicked out of the loan mod program and  forced into foreclosure.

Insiders  admit 1-2 million homeowners  have stopped making their monthly mortgage payments, yet there’s been NO attempt at starting the foreclosure process on these homeowners.  This is Obama’s attempt to slow the housing market collapse, and instead it is only making the bottom that much further away.  These are the exact kinds of bogus strategies attempted in the 1930′s that were responsible for turning a serious recession into the Great Depression.

Millions of homeowners have stopped making their payments  knowing that Obama’s directives to banks is not to initiate the foreclosure process.   When the truth of this calamity becomes clear, the next leg down in housing will be well underway.  Add in the next major wave of resets in Option ARMS, Alt A Mortgages, and Prime Mortgages, and the coming downturn in housing will be massive.