Today President Obama announced his homeowner bailout plan. While that plan will spend huge sums of money helping “renters” stay in homes they couldn’t afford and creating incentives for homeowners who don’t need handouts to get in the food lines, it stops at rewriting mortgage contracts. But that’s likely to come soon with the “Helping Families Save Their Homes in Bankruptcy Act of 2009.”
Hmmm, declare bankruptcy and not get another loan at a decent interest rate for the next 10 years (if you can get a loan) so you can save your home... tough one.
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