As details emerge, it looks like the much touted Mortgage Bailout missed the mark. I had high hopes for finally a program that would actually help homeowners that got trapped in high interest mortgages. Not only are just a small percentage of distressed homeowners covered by the bill, it provides reduction of principle which I do not agree with. What many millions of homeowners on the brink of losing their home need is an equitable refinance package that would lower their interest rate, thus lowering their payments. To lower interest rate to current market rates is not asking a lot. I personally know of a homeowner, single mom, with a high mortgage and a high interest rate of 9%. She has equity in her home but can not get to it due to her now lower income from employment. She can’t sell the house because the lender took back the title. Her lender
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