The Treasury Department released guidelines to its mortgage modification plan on Wednesday and said that the program will help up to 9 million homeowners avoid foreclosure. The guidelines will enable servicers to begin modifying mortgages right away, the department said. The guidelines set financial incentives for mortgage lenders to modify existing first mortgages and set standard industry practice. The Treasury program also includes incentives for removing second liens on loans.
Just nothing for those of us that took out responsible, realistic loans, paid on time religiously, and didn't use our greatest investment as an ATM machine. Many homeowners deserve a break but so many do not. If you are a fuck-up who is too stupid to understand the contract you signed, then you will be bailed out. Or if you financed cars, boats, or other things into your mortgage and are now way upside down then you are not deserving IMO.
