Poorly stated.

Let’s say someone bought a home six months ago for $400,000. In no case would the new fund be allowed to pay a price greater than $320,000 (a 20% haircut) for the house. I recognize that the market has fallen greater than that amount, but would recommend that some rules be crafted to ensure that some significant pain is felt to enter the program, but not so onerous that the program does not successfully put a floor under home values.

Obviously those rules would need to be crafted with real world pricing in mind.

The general premise is to turn home owners who are over-leveraged into renters, as painlessly as possible for the entire system, without the dislocations and depreciation that come with foreclosure and eviction.

The next big crisis is homelessness, so it makes a hell of a lot of sense to keep people housed in their own homes with the prospect of earning their way back into ownership over time (and the likelihood that they will take better care of their homes than they would if they were simply renting someone elses home – thereby protecting the asset of the US taxpayers who bailed them out.

and in no case would you pay more than 20% below the price the home most recently sold for.

If housing prices are expected to decline around 40% why would you limit the downside to 20%. This would result crap mortgages at a premium.

She caters to whatever religion that serves her purpose on any given day, so hey, why not? But then, he might have to have a talk with her about that witchcraft stuff!

I would like to have some mental health experts exam her…she would be a real great study…

Passport?…Nope! I live between you and her…thankfully!

All joking aside, she is evil in my opinion. And she needs to be kept from getting into the White House. My hope for the world is that she is defeated, gets voted out of Alaska politics, and never gets a position of power ever again…anywhere….

The only way her and McCain will win is through vote theft…too bad that the Republicans are so experienced at that!

Here is an example, although I do not know what minority Raymond Zwego is.

If you wonder how we got to this point — a $700 billion Wall Street bailout for toxic mortgages — the case of Raymond Zwego is a good place to start.

While on probation from a previous Kansas City federal bank fraud conviction in 2003, Zwego began constructing his own little housing bubble. He purchased 61 area properties, in many cases using straw buyers and falsified paperwork. He fueled the exercise by illegally obtaining $16.9 million in mortgages, willingly contributed by lenders who never realized they were dealing with a career con man until it was far too late.

Almost all of the homes he purchased eventually went into foreclosure, contributing to the tsunami of red ink that has come perilously close to sinking the country’s financial system…

Chief U.S. District Judge Fernando Gaitan sentenced Zwego to 10 years in federal prison and slapped him with an additional three years for violating probation on his bank fraud conv

But there were other minorities helping Zwego’s fraud.

In addition to Zwego, eight other co-defendants pleaded guilty or were convicted at trial. They included everyone a scheme like this needed, including straw buyers, a loan officer, a title company closer, an appraiser, a real estate agent, a certified public accountant and Zwego’s office help.

My understanding is that Trash for Cash would protect the lenders from the minorities who caused the loss of

$5.6 million in losses to 25 mortgage lenders, including some of the biggest names in the industry, such as Washington Mutual and Countrywide Financial. One lender, IndyMac Bank, closed earlier this year.