Provisions of the $75B Mortgage Bailout Package

Although I'm certainly not the expert, not to mention the package is less than a week old, these are some of the provisions in the proposal as I understand them:

Homeowners who might be eligible:

• Those who have missed mortgage payments (don't know how many it takes) or who have been notified of a pending foreclosure
• Haven't yet missed a mortgage payment but who have a high income-to-debt ratio (I believe the number is greater than 38%)
• Mortgages aren't held by either Fannie Mae or Freddie Mac

Homeowners who are not eligible:

• Folks who have already lost their homes
• Those with vacation homes (second homes) or investment properties

As I mentioned, this program is so new the specifics are probably being debated as more and more politicians and administration officials actually read and try to interpret the wording.