Over the weekend, Biden accused the GOP of blocking foreclose aid – “Without the GOP, we could have help 12 million folks !!”

Biden claims the Administration could have helped 12 million folks in foreclosure but forgets to mention that only 800,000 took advantage of the Obama’s first plan to help  -  falling far short of the 9 million projection by the Administration.  Reason?  Those receiving assistance had to be current on their loan payments for six months and have reasonably good credit rating  --  not to mention the fact that  the application was 30 to 100 pages long.

From the Lefties at  PolitiFact,  we learn that the claimed “falure” of the Obama Administration with regard to the foreclosure crisis is/was true.  

The foreclosure prevention fund was the heart of his promise. He [Obama]  originally pledged $10 billion but ended up setting aside $75 billion, using [stealing]  TARP funds. He predicted the money would assist 9 million homeowners.   But after three years, only about 2 million people have won permanent mortgage help, according to the Department of Housing and Urban Development. . . . .

Some economists put the actual number of folks aided closer to 800,000.  Whatever the actual number,  the fact remains that Obama,  in side stepping Congress and stealing money from TARP¹,   accomplished comparatively  little,  proving,  of course,  that throwing money at a problem does not work,  in and of itself.  The PolitiFact article blames the failure on a market driven economy (capitalism).

Whatever the case,  it is clear that the GOP played NO ROLE in the failure. The program help those who were in the least trouble and did not prevent any  foreclosures already in progress.  It was a propaganda ploy and nothing more.  

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1   Understand that TARP (Troubled Assest Relief Program)  was never to have been used for such purposes.  Its only purpose was for the correction of banking losses due to the accumulative effect of mounting foreclosures .  It is estimated that in the days just before the creation of the $700 billion TARP fund,  the banking industry lost $7 trillion in financed equity.  Since then,  as much as 24 trillion with a "t" has been funneled through this program  --  Obama just as much in the tank with Big Banking as any of his predecessors.  

 This is confirmed in a Washington Times article:  

Think last year’s $700 billion Wall Street rescue package was beaucoup bucks to spend bailing out the nation’s floundering financial system? That’s chump change compared to what the overall price tag could be, a government watchdog says.

The inspector general in charge of overseeing the Treasury Department’s bank-bailout program says the massive endeavor could end up costing taxpayers almost $24 trillion in a worst-case scenario. That’s more than six times President Obama’s proposed $3.55 trillion budget for 2010.

Read more: Watchdog: TARP tab could hit $24 trillion - Washington Times 

I have seen estimates of 3 to 7 trillion dollars as the best guess regarding TARP actual expense totals,  the first of which,  was a decision to send unannounced bail-out money to GM and Chrysler  (see Barofsky's Bailout, pp 45 -47 -  Barofsky being TARP's Inspector General [a watchdog position] ) .

In time,  the Dems decided to keep the TARP "fund" open for more than two years (instead of a few months),  and used this "fund" as cover to funnel huge sums of money to labor unions,  the banking industry,  and untold special interest projects benefiting the Democrat super majority.