Rework at least $40 billion in loans

NEW -> Contingent Buyer Assistance Program
Paulson pretty much summed it up yesterday when he said that the people who bought more than they can afford are going to lose their home. I like B of A and I suspect that they will do a good job of reworking loans that can be re-worked, but there are too many that just can't afford the house if they have to pay principal and a reasonable interest rate along with the property taxes.
 
picflight said:
Bank of America plans to rework at least $40 billion in loans over two years to keep more than 250,000 families from foreclosing.
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Kenneth Lewis

What effect will this have on the dropping value of homes?

http://www.bloomberg.com/apps/news?pid=20601103&sid=aNKC6e.xnaUQ&refer=us
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That would equal 5% of the people that are in default in Coutrywide's mortgage toxic pools. And, it is getting worse, so that percentage will drop. The number $40bil sounds big, but it is only a tiny portion of what is in default.
 
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