I don’t see them making it so easy on the homeowners. Everything our “leaders” have done has been to help out Wall Street. To have your loan reduced the banks have to agree. Given the alternative of having a loan default some banks will rework loans, but I think right now most are taking the REO and sitting on it hoping 2009 will turn around.
Those that do get a loan reduction will have to share profits with the Government when they sell, and prove they not only make enough to afford a fixed 30 year, but that they didn’t lie on their loan in the first place.
That right there will drastically limit how many homeowners are helped.
These foolish acts by are designed to help the banks stay in business more than they are for homeowners to stay in their overpriced stucco boxes.
