Countrywide Financial Corp. (CFC)

[Rawnoc]

I think this will cause a flood of people trying (and succeeding) to take advantage of this who don't need it thereby lowering the interest payments of those who would otherwise make the payments. This also makes new credit investors to feel less enticed to invest furthering worsening the problem that popped the bubble in the first place.

I think CFC and others should negotiate on a case by case basis on those who already defaulted and simply relax their foreclosure policies to accept lower payments. No need for direct government involvement IMO.