Just saw the headline today Fed moves to help distressed homeowners?

Under this program the fed has several options to provide relief, including lowering the amount the homeowner owes on the mortgage reducing the interest rate. I have owned my home %26amp; paid ontime every month. Do I get any form of assistance, can my mortgage amount be lowered. What do I get? Do I just keep giving my tax dollar away to help those with bad mortgages by lowerring how much they owe. This can't be right, Is this what happens to my tax dollar?Just saw the headline today Fed moves to help distressed homeowners?
Those who get assistace are not completely out of the woods. They get to keep their homes, but their credit ratings take a hit.





To even qualify, you must be 90+ days delinquent. The risky part is, if you try to do this intentionally (don't pay for three months) and do not qualify, you could lose your home.





I've considered this to be not a great policy myself, since some people will always learn to manipulate the system, but after looking at some of the specifics - it doesn't seem as bad as I originally thought. I figure a handful of people will get away with something anywayJust saw the headline today Fed moves to help distressed homeowners?
Yeah, it does suck, big time. I understand that it's really helping the banks out by preventing those people from defaulting on their mortgages and more houses that can't be liquidated going back to the banks and tying up their funds so they can't lend. It's just unfortunate that honest people who didn't willfully buy houses they couldn't afford get the short end of the stick.
the FED helping? yeah right they just doubled our money supply in 1 year. We will have HUGE inflation, which I guess could help out debtors because its easier to pay down debt when inflation is in the 100% range.
No, you and I get nothing. We just keep forking over dollars to give to the irresponsible people in society. It sucks.
that Federer is such a great guy