The plan gives an incentive to short sell your home if you are buried in it and cannot afford the payments any longer. Asking banks not to foreclose on delinquent mortgages...seriously?
I'm long LEND, and I still don't like it. I know people who have prudently saved and rented, waiting for a softening in prices, and others who have imprudently mortgaged themselves to the hilt. What do you say to those who have been waiting for housing to become more affordable?
The short killer would be a "modernizing" of the qualifying ratios. I see no mention of that so far though.
Is there anyone left who can say, with a straight face, that the US market isn't rigged? A friend told me last week to buy far out DITM calls on a couple of housing stocks. I bet all the pos housing stocks are going to gap up tomorrow.
WOW 80,000 people to be postponed for being kicked out of their homes. Thats like .0000000000001 of the population of the U.S.? Bush has no power to do this it is a desparate attempt to make a tird a shiny tird. Even if he did it is not even a small effect to whats going on in the mortgage markets.
It reminds me of the campaign GM/F/DCX rolled out to be patriots for your country and buy US autos with zero percent interest and no money down. That worked out real well.