Some Home Owners Still Not Helped

John Leland, of New York Times, discusses citizens falling through the cracks of the Housing Rescue Plan:

About 20 percent of the country’s 50 million mortgage holders owe more than 105 percent of their house’s value, and so do not qualify for refinancing under the plan, according to J.P. Morgan.

“The refinance portion of the plan is set up so it provides the least help for the people who need it most,” said Christopher J. Mayer, a professor of real estate at the Columbia Business School. “We’re missing an opportunity to help many more Americans.”

Strangely enough, this quote is in direct contradiction to the plan as discussed here.