Nothing to see here. Move along. This "plan" is to make it look like Bush is doing something, when instead all he did was get hopes up for some and then crushed them. Oh, man, this is gonna get ugly.
These guys are going to be tarred and feathered. Or worse.
There will be outrage now not just from HP'ers, but from all the f*cked housing gamblers who thought they'd be eligible for the "bailout" and are going to find out tonight that they're not. Jesse Jackson will not be amused. Here's the details we're hearing (from research house Stratfor), more when available.
* Mortgage had to be issued between January 2005 and July 2007
* ARM must reset January 2008 to July 2010
* You must not have more than 3% equity in your home (what? are you f*cking kidding me? if you put money down you're f*cked!)
* Home must be worth more than the mortgage (ha ha ha ha ha!!!!)
* You must have income (i.e. sorry realtors and Casey Serin)
* You must prove that you can make the payments
* You must not be more than 60 days past due
* Program is voluntary with the lenders - government has no authority or legal status
You can see the Paulson webcast here