My sneaking suspicion is that this plan will cause a lot of people to be unhappy once they find out the details. Paulsen has already made it clear that the bailout won’t be for everyone. ie. not everyone is going to have their rates locked.
If there’s one thing that bugs people it’s the feeling that someone else is getting something and they aren’t getting theirs. When all the people who are struggling with their ARM that didn’t fall into the qualifying time frame find out their neighbors got a lock but they didn’t, watch the crying start. Likewise, those that missed a payment but now are caught back up, but don’t qualify. Or others that don’t qualify for whatever reason. I can hear the weeping and wailing now. And any plan that can be tagged as unfair by a news reporter, with some poor unfortunate working stiff losing his home as the example, is gonna make good news coverage.
They always say the Devil is in the details, and when the details of this plan get out…..
