Thanks for the resources, we’ll check them out.

-Tim

This plan outlines the rules and eligibility guidelines for 1st & 2nd loan modifications as well as giving a Loan Comparison Chart for Countrywide/BofA, CitiGroup/CitiMortgage, IndyMac Fed Bank and JP Morgan who is also accepting Washington Mutual and EMC Mortgage Corp customers.

Hope this helps!

Great points. I think most of us who are at least somewhat familiar with how the housing market operates are looking forward to the unwinding of Federal intervention. But as you alluded to, if it isn’t done right, it could mess up the markets even more. It’s going to have to be a careful and slow process.

“the only path out is to let the bubble burst and try to keep politicians hands off the economic rudder.” — I’m pretty sure you commented on our story, “Do They Never Learn,” which introduces, once again, the push by certain politicians to rally for affordable housing, even when it’s against the best interest of the lending institutions.

It is a really challenging question indeed, and again, as you said, these homeowners that need help are voters and lawmakers’ entire purpose centers around reelection. So what are we to do? My guess is until the housing market shows serious signs of recovery, these initiatives will only be expanded.

Thanks as always Bill,
Tim

I was, and still am, an advocate of natural bubble bursting. However, I think the challenge is once the the government kicks into action it is hard to unwind federal intervention. Do you continue forward to meet the original objective or do you declare failure and turn it back over to free markets.

I think I am still in the camp that legislation–”affordable housing”–got us into this and the only path out is to let the bubble burst and try to keep politicians hands off the economic rudder.

Unfortunately, I fear this is nearly impossible. Those troubled homeowners are political constituents and voters. We will see this and more programs that will continue to open lending wider–IMHO.