some people thought that Bush sponsored this bill. he threatened to veto this initially, but since it was overwhelmingly passed by both political parties, he was prevailed upon by his advisers to sign it. those who perceived this is a bad move blame Bush, but if they thought otherwise would praise to the high heavens the Dems.

Madeline,

I was a mortgage broker until the market started to bomb. You should speak with an attorney about your contract. If the document you signed states above quoted, then I believe they have to abide by it or let you out of the contract. I don't believe you can default if the paperwork you signed states that. It sounds like a possible bait and switch, and you should have an attorney take a look at it.

To all the Skepticism- Judging by the comments, I'm guessing that most of the people posting here are fairly well read and reasonably educated. However, there is a horrible stench of ignorance on this page. I worked in the mortgage industry as the market collapsed and watched first hand as people lost their homes one after another. My specialty was sub-prime and foreclosure bail-outs. I particularly liked doing the foreclosure bail-outs. The loans themselves were very difficult as they required much documentation to make sure the homeowner could afford the loan. The reason I liked doing these loans is because 99% of the time, the reason the people needed these loans was out of their control. I had a customer who's wife got cancer and he had to drive her to all of her appointments. Because he was taking too much time off from work we was let go from his job. Now with the family's 2 main bread winners out of work the bills began to slide. Even with help from family and friends the house came under default. Fortunately, the wife was starting to get better and the husband found another job. I was able to get them a loan that saved their house. Two years later they refinanced and got back into a standard loan. These are the kind of bail-outs I ran into. These situations could happen to anyone, and generalizing what you call "Losers" and "Freeloaders" as anyone who goes into foreclosure makes you "Ignorant". It's a shame and you should really learn to judge you statements and comments a little better. Reason being, even if you are well read and educated, you still sound like an ignorant fool. I hope that for your sake you don't become a "Loser".