[OpusatFR]

So, what I want to know is this the AUGUST SURPRISE that has been bandied about on the web?

Is this the Zombie Administrations effort to resurrect itself and win the November elections?

[paul51]

i’m not eligible. can the taxpayers just give me a chevy volt instead? silver or black please.

[whitedog57]

1. $1,000 down mortgages from state housing authorities, purchased or insured by GSEs. No Social Security number or proof of citizenship required. Thanks LaRaza!
2. $800 billion of negative equity wiped clean for Fannie and Freddie. Many thankful borrowers!
3. FHA negative equity programs.

All these are designed to forgive borrowers AND re-stimulate the housing market.

Also, more money to spend in the short run.

Tab will run over $1 trillion and just added to the national debt.

[Son House]

provided that the lender or investor writes off the unpaid principal balance of the original first lien mortgage by at least 10 percent.

Just sounds like a 'short' sale, but who is going to short to the 'borrower' that is current? There's also got to be agreement on an appraisal that the property value is less. This don't make sense, but I don't think it's the surprise, yet

[snowsislander]

So, what I want to know is this the AUGUST SURPRISE that has been bandied about on the web?

Perhaps. I read through the document, and there seems to be enough "ifs", "ands", and "buts" to make it unlikely that many folks will attempt this on their own.

If one has a good accountant, he might try to make sense of this and see if it might be worth pursuing for individual cases.