Yep, I got the same canned response. On the up side, someone pointed this out on Mish’s blog – from Marketwatch.
Not that it can’t be done, but at least she is making it sound like these bail outs won’t be easy or quick to do:
Most of the adjustable-rate mortgages taken out in the past few years can’t be easily rewritten, Bair said. About three-fourths of the $600 billion in subprime ARMs taken out in 2006 have been securitized, or sold in the secondary market, which means that neither the servicer of the loan nor the original lender can easily negotiate with the borrower to change the terms of the loan, she testified.
