So the bill is 90% of appraised value, not 85%? Huh, one more hoodwink cause the talking heads have been talking about 85% for a long time now.
Is there a timeline on this? What stops a bank from weeding through its worst loans, and dumping them off on the gov and keeping everything else at full payments but with much lower risk to them? Can they dump morgages once they go NOD, and claim the gov is helping them keep people in their homes, when really all they are doing is risk midigation at the expense of the US tax payer? What kinda appraisal is necessary. When does this special period end? Will it ever end, or is it more like the “Temporary” change in Fannie/Freddie loan limits?
