Ladies & Gentlemen, in case you missed it,"Obama Administration Announces New Details on Making Home Affordable Program and Parallel Second Lien Program to Help Homeowners Achieve Greater, Affordability Integration of Hope for Homeowners to Help Underwater Borrowers Regain Equity in their Homes."
I'm sorry this is insanity. This in effect is a temporary reprieve for those irresponsible buyers whose loans were backed up by FM&FM originally through government pressure on the banks. To give the appearance to voters that the current administration is "working for them." So forget learning the hard lessons of financial responsibility the government "nanny," will be there to help you. If we do not fix the problem we are only exacerbating it....delaying the inevitable and hurting ourselves, our children and our nation. Do Not Buy What You Can Not Afford...it is that simple.
I have the PDF files for details if you are interested, just email me.