Obama administration struggles to help homeowners

A look at the Obama administration’s efforts in trying to help homeowners and bring the nation out of its housing slump.

5 Seconds

00:00

Feb. 6, 2009

Key economic staff members confer during a budget session in the White House Roosevelt Room. From left, Gene Sperling, adviser to the Treasury secretary, confers with Office of Management and Budget Director Peter Orszag and Treasury Secretary Timothy Geithner talks with Lawrence Summers, director of the National Economic Council.

Pete Souza / White House

Feb. 18, 2009

At Dobson High School in Mesa, Ariz., President Obama talks about the foreclosure crisis. Obama unveiled a $75 billion foreclosure prevention program to help as many as 9 million homeowners obtain affordable mortgages.

Ross D. Franklin / AP

Feb. 18, 2009

Geithner, in the audience before Obama's remarks about the home mortgage crisis. Obama largely entrusted Geithner with overseeing the administration's response to the housing crisis, The Washington Post's Zachary A. Goldfarb reported.

Gerald Herbert / AP

April 6, 2009

Geithner, center, announces a coordinated government effort to protect homeowners from criminal scams as they seek assistance under President Obama's Making Home Affordable Program. From left are Illinois Attorney General Lisa Madigan, Federal Trade Commission Chairman Jon Liebowitz, Geithner, Attorney General Eric Holder and Housing and Urban Development Secretary Shaun Donovan.

J. Scott Applewhite / AP

May 14, 2009

From left, the Treasury secretary, National Community Reinvestment Coalition President and Chief Executive John Taylor, and Housing and Urban Development Secretary Shaun Donovan meet with homeowners who are using the Making Home Affordable Program's trial modified mortgages. A few days later, on May 20, Obama signed into law the Helping Families Save Their Homes Act and legislation that gives the federal government resources to crack down on mortgage fraud.

Haraz N. Ghanbari / AP

Oct. 16, 2009

Homeowners get help from a counselor at the Cow Palace in Daly City, Calif. Thousands of homeowners attended the event, sponsored by Neighborhood Assistance Corp. of America, a Boston-based nonprofit helping people to restructure high-risk loans. After a slow start, the Obama administration's mortgage relief program had reached one in five eligible homeowners, a government report said on Nov. 10.

Marcio Jose Sanchez / AP

Dec. 14, 2009

Groups of homeowners attend a news conference on home foreclosures near the Treasury Department in Washington. A few days earlier, the federal agency released a report showing that only 4 percent of homeowners in the administration's foreclosure-relief Making Home Affordable Program were in the permanent loan modification stage.

Haraz N. Ghanbari / AP

March 11, 2010

Hundreds of Arizona homeowners come to meet with housing counselors and representatives from major lenders in Glendale, Ariz. The outreach event was organized by federal agencies under the Obama administration's Making Home Affordable Program.

Ross D. Franklin / AP

July 20, 2010

A hillside covered with homes in Happy Valley, Ore. In August 2010, the Obama administration approved plans to send $600 million to help unemployed homeowners avoid foreclosure in five states. The Treasury Department said that mortgage-assistance proposals submitted by North Carolina, Ohio, Oregon, Rhode Island and South Carolina received approval. The states estimate their efforts could help up to 50,000 homeowners.

Rick Bowmer / AP

July 21, 2010

A "bank owned" sign on a home in Hawthorne, Calif., that is listed as a foreclosure on a HUD Web site. Nearly half of the homeowners who enrolled in the Obama administration's flagship mortgage-relief program had fallen out.

Reed Saxon / AP

Aug. 17, 2010

Geithner walks off stage after addressing the Conference on the Future of Housing Finance at the Treasury Department in Washington. Taking the podium at right is HUD Secretary Shaun Donovan. Six days earlier, the Obama administration announced that it would provide more help for unemployed homeowners.

Pablo Martinez Monsivais / AP

Feb. 14, 2011

Council of Economic Advisers Chairman Austan Goolsbee speaks to the media at the Eisenhower Executive Office Building of the White House. Goolsbee, who left the White House in August, and other Obama advisers did not favor a big program of debt reduction for homeowners.

Alex Wong / Getty Images

Feb. 22, 2011

Geithner, Obama and Gene Sperling, now director of the White House’s National Economic Council, attend a small-business forum in Cleveland. Geithner came to play one of the administration’s most prominent roles in overseeing housing policy, but the Treasury secretary worried that some steps to help homeowners posed risks to the financial system.

Pete Souza / White House

March 15, 2011

Geithner and Donovan testify during a hearing before the Senate Banking, Housing and Urban Affairs Committee on Capitol Hill. Geithner and Donovan testified on the Obama administration's report to Congress on overhauling the U.S. housing finance market.

Alex Wong / Getty Images

Aug. 5, 2011

Obama meets with Geithner and Sperling in the Oval Office. Over the summer, the president gave his most public indication of his frustration over his administration's housing policy. "The continuing decline in the housing market is something that hasn’t bottomed out as quickly we expected. So that’s continued to be a big drag on the economy," Obama said.

Pete Souza / White House

A pair of homes in Fort Myers, Fla., sit deteriorating.The Fort Myers area has scores of unsold properties and foreclosed homes and was ranked as the area with the second-highest foreclosure rate in the United States in the third quarter of 2010.Today, a quarter of U.S. homeowners are “underwater,” owing more than their homes are worth.

Michael S. Williamson / The Washington Post

President Barack Obama holds up a proposed mortgage application form as he speaks at the James Lee Community Center in Falls Church, Va., on Feb. 1, 2012. Obama outlined a proposal he announced in his State of the Union address to allow homeowners with privately held mortgages to take advantage of record low rates, for an annual savings of about $3,000 for the average borrower.

Cliff Owen / AP

U.S. Attorney General Eric Holder, left, and Housing and Urban Development Secretary Shaun Donovan, right, look on as President Obama speaks about the details of a housing settlement between federal and state officials and mortgage lenders, Feb. 9, 2012. Five U.S. banks will pay more than $25 billion in the biggest civil settlement involving states and the federal government to end a probe of abusive foreclosure practices stemming from the collapse of the housing bubble.

Kevin Dietsch / VIA BLOOMBERG

Featured Photo Galleries

Chip Ganassi Racing driver Dario Franchitti of Scotland (L) celebrates as he crosses the finish line ahead of teammate Scott Dixon of New Zealand and KV Racing Technology driver Tony Kanaan of Brazil during the Indianapolis 500 autorace at the Indianapolis Motor Speedway in Indianapolis, Indiana, May 27, 2012. REUTERS/John Sommers II(UNITED STATES - Tags: SPORT MOTORSPORT)

Dario Franchitti wins the Indianapolis 500

Dario Franchitti wins his third Indy 500 at the Indianapolis Motor Speedway in Indianapolis.

WASHINGTON, DC - MAY 27: Christian Slayton, 12 prays to a fallen soldiers memorial as motorcycles from the Rolling Thunder event pass by in Washington, DC on May 27, 2012. Slayton, who is from Raleigh, NC ran out to the makeshift memorial to say a prayer of thanks for all the veterans living and fallen. He said he wanted to thank them for letting us be free and able to have the rights that some countries never had. Riders from across the nation come together every year to ride from the Pentagon over to the National Mall as a rememberance those POW and MIAs in the Vietnam War. (Photo by Linda Davidson/The Washington Post)

Rolling Thunder descends on Washington

Motorcyclists take part in the annual parade ahead of Memorial Day.

Visitors stop to read the names on the Vietnam Memorial at sunrise on the fist day of the Memorial Day weekend in Washington Saturday, May 24, 2008. (AP Photo/J. David Ake)

Honoring the Vietnam War’s fallen

The Vietnam Veterans Memorial is one of the most visited sites in the nation’s capital.

WASHINGTON, DC - MAY 24: Aaron Rubinstein, center, with fellow students, lights candles before the annual Mass for family members of the cadavers used in anatomy studies on May, 24, 2012 in Washington, DC. At right are Steven Kazuska and Meghan Kuska. (Photo by Bill O'Leary/The Washington Post)

Students express gratitude for cadavers

Georgetown University students thank the families who allowed the use of cadavers for study.

Cambodian Grilled Corn is basted with a mix of coconut milk and sugar, then grilled until caramelized. Recipe by grilling expert Steven Raichlen, for a Chef on Call lesson. (Michael Temchine for The Washington Post) Freelance Photo imported to Merlin on Fri May 16 15:10:05 2008

Memorial Day recipes

Here are some favorite burgers, entrees and desserts from our Recipe Finder database.

FAIRFAX, VA - MAY 23: US Army Veteran Sandra Strickland embraces her daughter, Heaven, 8, after dinner Wednesday May 23, 2012 in Fairfax, VA. After losing her job, custody of her children and being evicted from her apartment, Strickland moved into a home for homeless female veterans provided by Final Salute, Inc. (Photo by Katherine Frey/The Washington Post)

Fairfax shelter becomes a lifeline for homeless female veterans

A former Army captain opened the shelter with last fall.

Speaker of the Ukrainian parliament Volodymyr Litvin (Bottom) looks on as deputies of the Ukrainian opposition fight with deputies of the pro-presidential majority during a session of parliament in Kiev, as opposition parties protest a bill proposed by the ruling party which would make Russian an official state language along with Ukrainian. AFP PHOTO/STRINGERSTR/AFP/GettyImages

Ukrainian parliament fight, SpaceX cargo craft, Mars rover Opportunity and more in the day in photos

Ukrainian parliament fight, SpaceX cargo craft, Mars rover Opportunity and more.

Red Panda Bears sleep in the Panda Bear enclosure at the Beijing Zoo on May 22, 2012. The zoo grounds were originally a Ming Dynasty imperial palace and finally opened to the public in 1908. The zoo's history states that during the WWII, most of the zoo's animals died of starvation with only 13 monkeys and one old emu surviving the war. AFP PHOTO/Mark RALSTONMARK RALSTON/AFP/GettyImages

Barn owls, pit bulls, red pandas, cheetah cubs and more in animal views

Barn owls, pit bulls, red pandas, cheetah cubs and more.

Back to Previous Gallery

Discussion Policy | FAQ | About Discussions

Comments

Add your comment

Read what others are saying About Badges

SuperFan Badge

SuperFan badge holders consistently post smart, timely comments about Washington area sports and teams.

More about badges | Request a badge

Culture Connoisseur Badge

Culture Connoisseurs consistently offer thought-provoking, timely comments on the arts, lifestyle and entertainment.

More about badges | Request a badge

Fact Checker Badge

Fact Checkers contribute questions, information and facts to The Fact Checker.

More about badges | Request a badge

Washingtologist Badge

Washingtologists consistently post thought-provoking, timely comments on events, communities, and trends in the Washington area.

More about badges | Request a badge

Post Writer Badge

This commenter is a Washington Post editor, reporter or producer.

Post Forum Badge

Post Forum members consistently offer thought-provoking, timely comments on politics, national and international affairs.

More about badges | Request a badge

Weather Watcher Badge

Weather Watchers consistently offer thought-provoking, timely comments on climates and forecasts.

More about badges | Request a badge

World Watcher Badge

World Watchers consistently offer thought-provoking, timely comments on international affairs.

More about badges | Request a badge

Post Contributor Badge

This commenter is a Washington Post contributor. Post contributors aren’t staff, but may write articles or columns. In some cases, contributors are sources or experts quoted in a story.

More about badges | Request a badge

Post Recommended

Washington Post reporters or editors recommend this comment or reader post.

You must be logged in to report a comment.

Comments our editors find particularly useful or relevant are displayed in Top Comments, as are comments by users with these badges: . Replies to those posts appear here, as well as posts by staff writers.

All comments are posted in the All Comments tab.

More about badges

Get a badge

To pause and restart automatic updates, click "Live" or "Paused". If paused, you'll be notified of the number of additional comments that have come in.

Business

Obama administration struggles to help homeowners

A look at the Obama administration’s efforts in trying to help homeowners and bring the nation out of its housing slump.

Featured Photo Galleries