I must be reading a different version than most of you are.
The program will not help those that took out loans they knew they could not afford, even after the mortage reset.
Most of you are saying that a person whos income is $30k a year will be able to continue to live in thier 500k home.
This plan will not help many people. Most are underwater on thier homes, therefore they do not qualify. Most will not be able to get the loan mod due to the income being too low.
This is mainly for people that may have bought a home in 2002-2003, and maybe they lost thier job or some sort of income due to the economy, and are unable to refi because the LTV is too high, or probably on the verge of being underwater.
