Note to Federal Housing Finance Agency:
1. If, as an organization responsible for several trillion dollars in assets, you put an individual who can barely say his own name without a stutter behind the podium during your CNBC covered press conference, you are likely to extinguish what little confidence might have existed in your group's ability to manage a suburban middle-school bake sale, much less a massive foreclosure relief program.
2. Putting the power for participants to qualify themselves for the program by merely ceasing to pay their mortgage payments for three months, making any due diligence on your part impossible by "fast tracking" decisions, especially where the program's benefits include:
A. Lengthening the loan term;
B. Reducing the interest rate, and;
C. Deferring payments until the loan is 38% or so of gross household income,
will expand the programs size to roughly every mortgage in the United States.
3. Any hope of securitizing mortgages cost-effectively after this program is doomed to failure.
4. You may think #3 above is a good thingTM but there is simply no way that even a fraction of the capital formerly in the mortgage market will return if this comes to pass, and, accordingly, any hope of a recovery of any note in the market is utterly doomed.
Just sayin' is all.