Any legislation that exists...California having the only one that I am aware of that defines rent skimming and was probably put into place due to pressure from the lending industry...i am sure is directed at the big fish who have huge multi family units who stop paying their mortgage and keep collecting rents...the money was originally lent to these people based on the projected rental income.

The government won't actually buy the toxic loans, but the bonds representing the packaged bundle of CDOs.If the average homeowner thinks they are going to see any benefit from the bailout they have not only been smoking weed but unlike the claims of Bill Clinton they have most definitely been inhaling.

However, there are enough "average Americans" who will buy at market value and who will think (or can be convinced) that when PITI equals rent, it's time to buy.

., average income is $100K and average home prices are $300K, I think its much worse than this in LA already), then 20 years of 3% inflation and 6% price increases gets you to wages of $180K and prices of $960K or 5.3 years income.

Of all things to prosper in this economy, who would of thought that Americans are rushing out to buy SAFES.There is a run on safes in America.It makes sense, really.... a place to save our money, our valuables, our important papers....The scary part: there is also a run in another industry right now.

I know FAR more average legal residents that have walked away from their houses than those that are illegal.

From the ones I have been watching (all public record) it seems the lender average to take possession is about 9-10 months from the first date of delinquency.

This bailout was to get the wheels of industry and government turning again.

The seller is very well known in the Investment Industry.

With all of the changes happening in the banking industry, once worthy buyers are now unable to purchase housing because of a lack of funds, or a lack of credit due to our economic downturn.