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Subject Starting monday FED reserve will rewrite all mortgages at new value and interest rate

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Original Message Long time lurker didn't see this posted so I thought I would.

HOME LOAN ASSIST
TARP COVERS MORTGAGE
[link to www.nypost.com]
By MICHAEL GRAY

Last updated: 11:33 am
February 6, 2009
Posted: 2:04 am
February 6, 2009

A cornerstone of the economic recovery plan that President Barack Obama is expected to unveil Monday will be modifying problem mortgages, The Post has learned.

In a nod to Main Street over Wall Street, sources familiar with the plan say Treasury Secretary Tim Geithner plans to allocate almost half of the remaining $350 billion in funds from the Trouble Asset Relief Program to the so-called "Mo Mod," or mortgage modification, platform.

"Mo Mod" is an algorithmic mortgage processing program that can rewrite up to 500,000 loans a month, and will be a major part of Treasury's plan to help repair tattered bank balance sheets.

The 21-day "Mo Mod" program works by structuring a new mortgage that more accurately reflects a home's worth so that a troubled borrower no longer owes more on their home than the property is worth.

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