The Obama administration’s plan to stave off foreclosures could fall flat in California, where nearly one-third of mortgage holders are underwater on their loans — many of them by amounts that would disqualify them for government-sponsored refinancing.
Earlier this week, Zillow was projecting only 9% of California mortgages met the parameters for assistance.
Hmm, maybe we should let the market naturally find the bottom. The near term will be tough but I bet we would recover faster.
LA Times Article: Obama plan won’t help many California homeowners