From the SRCC: 'More of the same' on housing?

The president is hawking yet another housing plan. Will this one fail too? Oh, by the way, why isn't Obama involving Congress?

From the Senate Republican Communications Center:

‘More Of The Same’ On Housing?

Despite Big Promises From The President, Democrats Admit His Housing ‘Programs Have Dramatically Underperformed,’ ‘Hurting Our Economic Recovery’

‘Unlikely That This New Policy Will Have A Big Impact’

“The Obama administration’s biggest economic shortcoming over the past three years? Its inability to do anything about the housing crisis… More political success than economic success? So, economically, it’s unlikely that this new policy will have a big impact. But, politically, it could more successful.” (“First Read From NBC News,” NBC, 10/24/11)

REP. DENNIS CARDOZA (D-CA): “With regards to the president’s housing proposal, I’m very concerned that it’s more of the same…” (MSNBC’s “The Daily Rundown,” 10/24/11)

‘Obama’s Efforts To Aide Homeowners… Fall Far Short’

“Obama pledged at the beginning of his term to boost the nation’s crippled housing market… it hasn’t worked out.” (“Obama’s Efforts To Aid Homeowners, Boost Housing Market Fall Far Short Of Goals,” The Washington Post, 10/24/11)

· “…the president and his senior advisers… consistently unveiled programs that underperformed, did little to reduce mortgage debts owed by ordinary Americans...” (“Obama’s Efforts To Aid Homeowners, Boost Housing Market Fall Far Short Of Goals,” The Washington Post, 10/24/11)

DEM: ‘The Administration’s Inaction Is Infuriating’

SEC. TIM GEITHNER: “…our programs have dramatically underperformed...” (“Geithner Testifies On Financial Stability To House,” Reuters, 10/6/11)

PETER ORSZAG: “A major policy error has been to put too little weight on the long, hard slog following a financial slump… That leads you to being much less bold with housing.” (“Obama’s Efforts To Aid Homeowners, Boost Housing Market Fall Far Short Of Goals,” The Washington Post, 10/24/11)

REP. ANNA ESHOO (D-CA): “There has been a complete failure on the part of the Obama administration to address the catastrophic wave of home foreclosures across the country, leaving families in despair and wreaking havoc in countless communities…In order for our economy to expand, an effective policy must be put into place to turn this devastation of housing around. The administration’s weak responses have barely touched ‘the tip of the iceberg.’” (“Frustrated Democrats Suggest Top Obama Housing Official Resign,” The Hill,10/06/11)

REP. DENNIS CARDOZA (D-CA): “Home foreclosures are destroying communities and crushing our economy, and the Administration's inaction is infuriating…” (“Announcing Retirement, Dem Congressman Bashes Obama,” The National Journal, 10/20/11)

REP. JOHN TIERNEY (D-MA): “The lack of urgency being shown by various agencies and the White House is hurting our economic recovery and unnecessarily putting families at risk to lose their home...” (“Housing Comments Echo Democrats Worries About Obama’s Plans,” The New York Times, 10/21/11)

REP. ELIJAH CUMMINGS (D-MD): “In my opinion, this is a national economic crisis that has been inadequately addressed for too long, and strong, bipartisan efforts are urgently needed…” (“Housing Comments Echo Democrats Worries About Obama’s Plans,” The New York Times, 10/21/11)

Promises, Promises

PRESIDENT OBAMA: “The housing plan I’m outlining today… will help between 7 and 9 million families.” “And we will pursue the housing plan I'm outlining today. And through this plan, we will help between 7 and 9 million families restructure or refinance their mortgages so they can afford -- avoid foreclosure.” (President Obama, Remarks On The Home Mortgage Crisis, 2/18/09)

PRESIDENT OBAMA: “We've got to make sure that the programs that we put in place are working the way they're supposed to. I think, for example, our mortgage program has actually helped to modify mortgages for a lot of people...” (President Obama, Press Conference, 6/23/09)

PRESIDENT OBAMA: “Folks who could make their payments with a little bit of help, we were able to keep them in their homes.” “That's why we took unprecedented action to stem the spread of foreclosures by helping responsible homeowners stay in their homes and pay their mortgages. We didn't stop every foreclosure. We couldn't help every single homeowner who had gotten overextended. But folks who could make their payments with a little bit of help, we were able to keep them in their homes.” (President Obama, Town Hall Meeting, Raleigh, NC, 7/29/09)

SEN. CHUCK SCHUMER (D-NY): “One good thing, the housing part of this program is really beginning to work. In other words, you are seeing a lot loan modifications starting to occur. … So the housing part is part of the unsung key nub here and that may well be working. The early indications from Secretary Geithner, Secretary Donovan are -- it really is beginning to work. And I think Wall Street ought to pay attention to that.” (MSNBC’s “Morning Joe,” 4/6/09)

Not from the SRCC, but essential reading all the same on the same subject. From Doug Ross: Terrifying Chart o' the Day: It Was the Plan All Along.

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