Could not resist borrowing this picture from Realonomics - a Real Estate Blog I subscribe to. They published an article titled Bush throws the baby out with the murky mortgage bathwater. Read for yourself what others think of the program:
408 Real Estate Blog
Calculated Risk Bailout Program
Michigan Foreclosure Report
The Real Estate Bloggers
As you can see from the articles above - there are not many people happy about the "bailout program". From the information I have read - it is guaranteed to make almost everyone mad. Those that took a risk with Adjustable Rate Mortgages and the rate has not adjusted and have not had one late payment and the loan is on your primary residence and you cannot afford the higher payments - you get a break. If you don't meet all of the criteria above - tough luck. For most on the Outer Banks with a Second / Vacation or Investment Property - No Deal. I can only imagine the conversation with the borrower:
You mean to tell me that I decided to pay a higher interest rate 30 year fixed rate vs. the lower ARM rate and I don't get a break? AAAUUUUGGGGGHHHH!
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