One other thing… it seems like if the real goal was to put more money into j6p pockets then why is this deal limited to only those who are underwater? Wouldn’t it make more sense to expand the refi opportunity to EVERYONE who owns a mortgage and who can show a good payment history of 6 months? To me that would pull a hell of alot more money into the wallets of everyday homeowners.

Of course they cannot do this because then the investors who own all that paper would see a loss of interest income.