Lower your payment?

$75 Billion to reach 9 million homeowners with restructured, refinanced loans expanding the role of the Mac's, Freddie and Fannie.

We'll see. For one thing, foreclosure usually begins after three to four months of non payment of the mortgage, or DEFAULT, and while many banks have done LOAN MODIFICATIONS, my boots-on-the-ground householders say it varied by a whopping $50 bucks or so. And, there is no shortage of willing land sharks trying to help these poor people who obviously didn't understand the terms of their mortgage loans in the first place. I understand - I remember when I bought my first car and they actually let me walk off the lot with it. Suckers!

Now for my ritual zen saying of the day:
"Do you own the house or does the house own you?"

After giving banks, billions of dollars, now will homeowners get relief from default?
Will their loans be modified to reflect the actual value of the house? I think not.
The only ones who will benefit are the banks, just like the last time the country crashed and burned in the 1980s. The country formed the Resolution Trust corporation and bought up all their assets and then auctioned those off.

I will wait and see...