I’m am totally against this new rescue bill congress is about to pass for many reasons. In essence I feel it is only a bandade to this problem and we will be right back where we are today a year from now. I haven’t learned all the details just yet but from the information I have gathered thus far - homeowners in foreclosure will be able to refinance their current mortgage at 90% of the current market value - with that they will be required to pay a 1.5% annual fee based on the loan amount - to me this translates to 1.5% x’s 100,000.00 = an additional 150.00 per month - then the homeowner is required to split the “profits” when they refi out of the loan or sell. As I understand it, if a new buyers comes along to purchase the home (that would have been a short sale) the buyer will be able to finance the house at 90% of the current market value and be required to pay the 1.5% fee etc. I am not sure exactly what the qualifications are for the refinances under the new bill but based on the news - it claims even the borrowers with the worst credit will qualify. This to me only takes us back to 2004 and we will be right back where we started with foreclosures. What about all the bank owned properties out there right now? Now anyone will be able to come in and buy the property. Even someone making 10 bucks an hour with a 400 fico score? Do we continue to market to these people as short sales? I foresee greedy loan officers coming back into play and scooping these people up. Telling them they can save their house with the new bill. (well yes maybe but here we go again). What about Loan Mods? How does this affect loan mods? I’m very curious to hear others opinions on this. For those of us working short sales and loan mods, what do we do now?