All the banks have to do is ATTEMPT a loan rework and Fannie or Freddie are mandated to buy the non-performing loan at 100% value.

HAMP and those silly Principal Reduction rummors are all chaff designed to distract us from what has been going on all year, namely the $40 billion per month purchase of lame MBSs from banks, by the GSEs.

If you have listened to the realtors subtle statements to lead you to believe the bottom is in….you’ve been had again by society’s most consistant piriahs.

One program designed to transfer the foreclosures and non-performing loans (future foreclosures) TO THE GSEs ended last week, another ends in a few months then the tax payers will own the deadbeat’s homes and the RTC2 or something like it will emerge.