Please remember that this is all voluntary for servicers to cooperate. This bill does not make them automatically reduce mortgage balances or enforce accountability to some kind of system on
loan modifications or anything.
Really, this is a cleverly packaged bail out of Fannie Mae and Freddie Mac that gives them an unlimited amount of cash to bail them out with tax payer dollars and also FHA more powers. (which is a government entity).
I hate to be negative about reality, but when the reality is painted as a pie in the sky and it really a pig with lip stick. Then I'm going to call it a pig and this bill is a pig for homeowners and a pie in the sky for Fannie and Freddie.