In my mind this mortgage bailout plan is the final nail in the coffin. The most irresponsible, idiotic people are getting bailed-out while anyone with a mortgage balance less then 90% of what the home is worth and who is not more than 3 months behind on their payments are simply out of luck. What's the moral of the story? Borrow as much as possible and spend it. But don't repay a cent so you can get bailed out by the government. When the terms are reset, hell don't pay it anyway.... The government won't foreclose on you. You basically get free rent and get to spend/keep the money from the initial mortgage. Just remember hide it under your bed, and not in bank!! Quit your job, get extended unemployment benefits, and use that money for a new inefficient, government-subsidized GM car every month. If we're lucky we might make it into a couple months in 2009. But for all practical purposes, USA is over and a complete collapse of society is just months away. If you're brave enough to stay, expect crime to rise and fast! Buy a gun or two. Expect the worse. Or if you're smart, fly to a tiny, agricultural-based Caribbean island. And enjoy the rest of your life while you read about how the lands of the former USA becomes a bigger basket case than Medieval Europe. R.I.P. The United States of America, 1776-2008.