Mary Ann, let me add a item we are all forgetting. Effective this Wednesday FHA will have a new loan called FHA-Secure. Under this program anyone who is up to date on their adjustable rate loan can get refinancing at 90% of the current home value. The FHA will wipe out the rest of your current loan balance. The only catch is that when the home owner sells the house half the profit goes back to the FHA.
This will allow a lot of sub prime and Alt A mortgages to convert to fixed rate.
The current 700 Billion bailout is above this program.


It is a mistake to think businessmen are more immoral than politicians!
Keynes, 1937