qwertytrader, love the way you think...
IMHO - I think President Obama may have made a little booboo that may cost him too much as we move forward...
He caused ill feeling with all the banks, so they may not come forward to support him on his plan (see below).
Just visit one your nearest financial institution, see the changes, they lost so much income from the old way they use to do business...do you think that are happy, no but they have no choice, they need to function, so they are coming up with new products to make money. Not to go into details, but read more about changes in the financial world.
Some banks are very conservative in their lending, they realy prefer that FNMA hold the risk...they are also under the microscope now for what they did to FNMA and FMCC.
They need private money to come in, but why is it not pouring in yet, or is it under the radar? Remains unknown..but as each day goes by we are getting more information so we can piece the pieces of the puzzle together.
So, yes you are right...there is still so much unknowns.
That is why I keep saying " we need to dig in out past to see what agreements were put into place.
This is like someone that bought a house and has an agreement paper that is stored in his basement...now he needs to dig it up to see the terms and condition and what if there are any clause or provision to changes he wants to make in the future.
(I hope this example makes sense to get my point across)
Banks and other financial institutions will be required to hold more capital to withstand future recessions or significant declines in home prices, and adhere to more conservative
underwriting standards that require homeowners to hold more equity in their homes.
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