I would be surprised if it became widespread also but it is an out of the box example of banks doing something to limit their losses while decreasing foreclosure activity. I’m sure there will be other methods to bail out homeowners. Sorry but I dont subscribe to the armagedon theories postulated by many on this board. This is America and some way someone will figure a way out of this mess without a complete meltdown. And as it is America…they will probably exploit the hell out of it and get very rich in the process.
