-As good as "Cash in Hand"

        - Must stay in home minimum of 3 years

Applied at time of tax filing

       -Not available for use as down payment

Income Requirements

        -$75,000 Single

        -$150,000 Joint

Discussion making this retroactive to April 2008

        -So those who received the $7,500 may be entitled to the additional $500 and the "no pay back" feature

Federal Reserve still purchasing MBS'

       -Assisting to keep mortgage rates low

Primary Residences only

        -No investment or second home properties

Standardized Mortgage Modifications

       -Servicers and lenders to reduce to 38% for 5 years with gradual increases (12 month increments)

       -POSSIBLE principal reductions only if paying on a mortgage modification for 5 years with no late payments - maximium $5,000

Increasing refinance limits to 105%

       -To include up to 4% in closing costs

       -Conventional loan limits only ($417,000 max)

       -Fannie and Freddie owned mortgages only

LENDER PARTICIPATION IS VOLUNTARY

Bankruptcy judges allowed to modify

      -Only if morgage is Fannie or Freddie product

      -Only after Mortgage Modification attempt has been made

Increased Fannie and Freddie Portfolios

      -Increasing Fannie and Freddie's ability to purchase more mortgages

Help for renters displaced by foreclosure

      -Funds available for renters who need to find new homes through no fault of their own.

                           Ray Melton and Dave Reichert of PHH Mortgage contributed this posting