“Wonder what secret qualifications you have to have to get this preferential treatment?”
I suspect what will happen is badly underwater mortgagees where the bank has problems with title will get paid a few thousand bucks (in mortgage reduction) but that will require that they rewrite their mortgage. Voila! The bank now has an original note and trust deed.
Mortgagee defaults two months later and the bank forecloses, this time with no problems.
Somehow, out of this, Obama will end up with a 20 billion dollar slush fund to spend on unions and the losses on the mortgages will be transferred to the taxpayers.
“losses on the mortgages will be transferred to the taxpayers.”
Ofcourse that is how the newly revealed Corporatist sytem the Dummies have been working so hard for works.
Sounds about right. People suckered into thinking they are going to get a freebee, when the reality they will lose the home if they are a day late on a payment. THAT is how the banks will deal with this one.