2009-03-08 — nypost.com
The two most obvious things missing from the plan, which hopes to reach 9 million ailing homeowners, is that it doesn't include adequate property appraisals or a risk management of the reworked loans, the sources said.
Without these safeguards, they said, steadily declining home values will waste taxpayers money by putting homeowners back into over-valued homes with no equity and no free cash to maintain the home.
We like the part about excluding foreclosures from comp valuations, creating a nice overvaluation. And then re-fi'ing people up to 105%, with no principal reduction. Ugh. Can it get any more obvious they are trying to keep creditors whole, avoid "putting any money in" to cover haircuts, and not give borrowers any true relief?
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