Well, Bank of America seems to have started the honeewmor bailout for Countrywide customers. I wonder if JPM and Wells would end up following suit, cause, once you buy mortgage assets written down to less than 50 cents a dollar, it becomes that much easier to work out new terms for the acquirer. Of course, Bank of America was forced to act only because Countrywide became the public enemy, but I think it's definitely within a realm of possibility that the Congress acts to push for more debt relief and honeewmor rescues in the months ahead, especially since it's very much likely that Democrats will be controlling the House, the Senate, and the White House next year. In that case, it's more likely that such plan would involve the government forcing banks to rewrite the mortgage terms before foreclosing on the property (because it would be politically easy and acceptable to say something like it's their turn to help out struggling honeewmors after the 700 bln bailout! ) That would raise even more issues than the bailout since it would just be very unfair to majority of non-delinquent honeewmors. However, people may be had at help and honeewmors , just like how they can be easily had at taxcut and rebates . Rate this comment: 0 0

by Giselda 12:18:42 AM 2012.11.02