Which means the new bill will do absolutely nothing to fix the problem, doesn’t it?
Seems to be -- also from the article:
That undermines the notion that the government's biggest move yet to deal with the credit and housing crisis will have a dramatic impact _ or lessen the chances that the economy will fall into a recession just as the presidential election year begins.
Not much, really if this is the case.
On one hand maybe they’re trying to pre-empt it? OTOH, who knows.
My apologies if I'm repeating myself -- I've seen some numbers that indicate that the number of mortgages that might be "saved" by this new bill is in the 200K-250K range. But that's probably high due to some of them being second mortgages or refinancings, which eliminates the mortgage from consideration.