TomF75

Obama's Housing Plan: Elegant and Costly

The only thing that makes me feel good about this program is that in reality it will help no one, but its a feel good measure so the government can claim they are doing something.

By capping the program at 105% LTV the biggest dip$hit$ have already been eliminated...e.g. I bought a $600K condo in Bubbleville with a No Money Option ARM in 2006. That $600k home is now probably worth about $400K MAX, and no way the principle value is below the 550-575 range at this juncture, hence this example is automatically eliminated.

Not too mention, I think the most irresponsible people have already walked away or been foreclosed on by now. Just MHO. No doubt it'll cost me more money though. Bermuda, Canada, Australia, and New Zealand are starting to look better by the day.