I have to go along with all of the above statements. I can't see anything in this that will help the working poor, just the wealthier people who can prove they can continue to make the payments. But I don't completely blame the loan institutions either as the people who rushed out and bought these huge homes at hugely inflated prices should learn to read what they are signing instead of just listening to some fast talking salesman. If they don't understand the legal papers, there are plenty of lawyers that do. There are so many house for sale signs around here it is ridiculous and they are still building new ones, but that has dropped sharply in the past 6 months. It is not getting hard to sell a $100K house for $500K.
Ron
