Regarding a few of the previous posts regarding the so-called TARP not being relevant to borrowers (only REO’s are going to be bought, etc.), I have yet to see any fund criteria that suggests that a foreclosure is a pre-requisite for a fund purchase or that junk MBS will not be purchased (where if so, the fund becomes the owner and then it’s a new ball game regarding leeway for servicer mods that may not comply with the existing p&s agreements – but where the fund may waive p&s restrictions and in fact may direct mods)