It said that "the collective efforts of servicers and government officials to date have not translated into meaningful improvement in foreclosure prevention outcomes."

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It sounds like you also got cash out with your refi...that may make a difference because you 1)are a non-owner occupant 2) may not have spent the money on home improvements.

There are many ways the banks could improve their own situations but I guess it's easiest to create a horrible mess and then wait for Uncle Sam to clean it up.

This is an improvement compared to the prices we saw in April 2006 when these two markets were 90% and 62% overpriced.

On a side note, shouldn't we see some crazy community improvements as a result of the unexpected tax revenues throughout the early 2000s?

I went to a local bank, got a commercial loan for a "Cheap" house + improvement loans total $20k interest 7.34% fixed - 15 years.

I would hope to get this property for 90,0000 take the loan for 110,000, using the extra 20,000 to bank, improvements and any catastrophic failures that could possibly happen.

Maybe it would be based on renewable energy and environmental interests.

And guess what, I was really unlucky and broke.I can explain exactly what I did differently but this isn't the place.Once I discovered that the right people can make a difference I focused all my energy on this and everything changed.