March 4, 2009
..."A significant number of the loans (in California) exceed the cap," said Delores Conway, director of the Casden Real Estate Forecast and associate professor at USC. "That's a very important point. It's going to be a small proportion of loans that can benefit."
On the other side of the coin, so many loans are on the market that the program could make a difference, she said, adding that a prototype program did find success after the government seized Pasadena-based IndyMac bank last year and modified its borrowers' loans...