Yeah, when I think of the areas in which the Obama administration is most open to criticism, mortgage industry/loan modification is a biggie. A good piece from Pro Publica outlines some of the administration. This is just one of the depressing details:
In one case, a government auditor found that mortgage servicer GMAC had made errors on 80 percent of audited cases — but kept the mistakes secret. GMAC said it didn’t reverse a single foreclosure action as a result of the sobering audit results.
Obama gets a lot of crap on a lot of fronts. For some issues, like the public option, closing Guantanamo and the size of the stimulus, I think he did as well as he could and any failures were likely due to pragmatic compromise. I’m willing to give Obama and his advisers the benefit of the doubt on that stuff. Those are issues, too, where a significant amount of power rest with Congress, along with the presidency.
But on other fronts, Obama deserves all the blame that he gets. He and his administration handled the foreclosures and rampant fraud very poorly. Same goes for the way they treated the banks and expanded our presence overseas. Those are all places in which I think the president has a significant amount of latitude and much of the responsibility for our current situation rests on the shoulders of the president and his advisers.
I should also say, for what it’s worth, that I think Obama has made real, damaging mistakes in terms of rhetoric. That problem is compounded by what passes for our national “press,” but Obama deserves his share of the blame on this front, too.