I got most of the story from Charlie Gibson on ABC while ago. (west coast ya know)
Seems there is a 75 billion bailout going to those that need mortgage help. It had a few proviso's
Has to be primary home, not vacation. Must be under 750k mortgage, must not be in default, must be either freddie or fannie backed, payment must not be over 31% of your gross income and there were some others I missed or forgot
But the one that bugged me the most was, If you lost your frigging job you're SOL!! What a brilliant idea this is by the ones that can't figure how to run Turbo Tax I bet.
Something really screwed here. We help the ones working but the ones out of work we don't help?
There was also something about some percentage of home buyers (10?) are upside down in their home loans. I wonder how many people are upside down in their cars?
R i I