Found out info on the bailout today for a client...turns out it
won't help people after all.
Say you have a 400K mortgage you are in default on.
Assume the house is now worth 350K.
Under the "Bailout" the FHA will give you a morgtgage for 90% of the
350K, or $315K.
Your bank will therefore lose the other $85K.
Here's the kicker - the bank has veto power. You can apply to the
government for the relief, and the bank can say "Nope - not for you."
The bank I dealt with today told me they have declared the whole
thing a bad deal for them, and they aren't letting anyone in default
with them get the relief.
Politicians are such phonies. Why isn't the bank veto power in the
news?
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