Here is The Heritage Foundation’s analysis of the bill that will be voted on by the House today.
Taken together the plans three main components (enabling some select
borrowers to refinance their loans through Fannie Mae and Freddie Mac,
enabling other select borrowers to modify their loans at the cost of
taxpayers and lenders, and changing bankruptcy law to allow mortgage
cram downs) will bailout the most irresponsible borrowers, raise the
cost of borrowing for honest and prudent home buyers, and do nothing to
stop the inevitable and necessary correction in housing prices.
