The Feds feel compelled to rescue some of the people that got caught up in the SubPrime lending schemes. The reduction in the prime rate appears to be helping those that are trying to get a loan, but I'm not sure how much it's really going to help those that are in danger of being foreclosed on. The "tiny print" of the "fix" the Feds are proposing, is unsettling at best. The borrower must be current on their loan and have equity in their home. The problem is this: (1) they are late on their payments, that's why they're in danger of going into foreclosure (2) they bought the house with 100% financing, thus, zero equity. In fact, worst case scenario: they are upside down!! My gosh this is complicated and sad. I don't think that I could get into that foreclosure business. They say you can actually HELP a homeowner that's in trouble by negotiating with the lenders and buying them some time to get their affairs in order. They can try to negotiat
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