All this talk of refinancing a significant amount of the "toxic" mortgages out there doesn't make much sense to me. As far as I can tell, for most people who are under water on their mortgages, their problem isn't that they have the wrong loan product, it's that they make $50K/year and have a $500K mortgage on a house that's now worth $325K. Unless the bank is willing to flat out forgive a huge pile of debt, I don't see how the promise of refinancing is going to help them.
There is only one reason I don't live in a $5 million house--I can't afford it. My problem isn't that I can't get the right loan product.
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