Media Blog

Rick Santelli Was Right

Today marks the one year anniversary of a movement inspired by one man’s televised “I’ve had enough” moment:

Rick Santelli was, of course, objecting to a $75 billion Obama administration mortgage program purportedly designed to assist delinquent homeowners handle their payment problems. (Doesn’t $75 billion almost seem quaint in retrospect?)  In Rick’s honor, here are two headlines from tax day, 2010 — big, bloated, inefficient federal government throwing our good money after bad: 

Foreclosure rates surge, biggest jump in 5 years

More homes were taken over by banks and scheduled for a foreclosure sale than in any quarter going back to at least January 2005, when RealtyTrac began reporting the data, the firm said.

Defaults Rise in Loan Modification Program

The number of homeowners who defaulted on their mortgages even after securing cheaper terms through the government’s modification program nearly doubled in March, continuing a trend that could undermine the entire program.

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