Good summary. Regarding #1, it will be very interesting to see what factors ultimately “force” the gov to do this. Needless to say, if it is presumed that this must happen at some point, then the conditions that would warrant this (national economy, home prices, stock market levels) would be a bit worse than they are today.

Regarding #3, are you simply tracking NODs as a signal of future foreclosures, or employing some other method? At what level of foreclosures would you consider a bottom?