What’s in the bill is really all at the Secretary’s discretion. What McCain promised tonight was free money for anyone with an overmortgaged house or a mortgage payment they’d like trimmed down.
(b) HOMEOWNER ASSISTANCE BY AGENCIES.— (1) IN GENERAL.—To the extent that the Federal property manager holds, owns, or controls mortgages, mortgage backed securities, and other assets secured by residential real estate, including multifamily housing, the Federal property manager shall implement a plan that seeks to maximize assistance for homeowners and use its authority to encourage the servicers of the underlying mortgages, and considering net present value to the taxpayer, to take advantage of the HOPE for Homeowners Program under section 257 of the National Housing Act or other available programs to minimize foreclosures. (2) MODIFICATIONS.—In the case of a residential mortgage loan, modifications made under paragraph (1) may include— (A) reduction in interest rates; H. R. 1424—12 (B) reduction of loan principal; and (C) other similar modifications.
Discretion I'm concerned will be liberally applied.
Read the bill he is proposing on powerline.... people have to stop getting their panties in a twist before they know the details, these are very abnormal times.