[palomonte]

Please excuse my question if it’s already been answered.

Here it is. What happens to the individual borrowers who are in default whose loans are “bailed out”?

Will the government award contracts to huge collection agencies to try to collect?
Will the properties be sold and the proceeds used to offset the bailout?
Will the people in default be allowed to keep their homes scott free?

I haven’t seen anyone adress this - maybe they have and I’ve missed it - but if anyone can help me out - I would appreciate it.

[TADSLOS]

Are you asking in respect specifically to illegals who defaulted on their loans or just in general?

[Scythian]

Sure, I work for the federal government and am coding this routine up for them and making sure we're ready once the bill passes. I think the best way to show you how it's all going ot work is to just post the code:

public void ProcessLoans()
{
    foreach (Borrower borrower in borrowerCollection)
    {
        if (borrower.Status == ImmigationStatus.BornAndBredAmerican)
        {
            borrower.Loan.Foreclose();

            ATF atf = new ATF();
            atf.SendInAndEvict();
        }
        else if (borrower.Status == ImmigationStatus.UndocumentedMexican)
        {
            borrower.Loan.PayInFull();
            borrower.Loan.SendDeedToNewOwner();
        }
    }
}

[Kimberly GG]

I’ve been wondering the same thing myself.

There are many who’ve been rallying for a bailout of the homeowners themselves, who’ve been deemed ‘victims’ in all this. I’m not sure if that means they would get to keep their homes scott free, but wouldn’t that just beat all...first they are wrongly given mortgages without a ssn, without jobs, without proper credit...and, then they are rewarded a second time when mortgages are paid for.