Thanks to Keith for breaking this news on the Paulson mortgage freeze, now the Bush mortgage freeze, on his excellent blog post.

* Mortgage had to be issued between January 2005 and July 2007

* ARM must reset January 2008 to July 2010

* You must not have more than 3% equity in your home (what? are you f*cking kidding me? if you put money down you're f*cked!)

* Home must be worth more than the mortgage (ha ha ha ha ha!!!!)

* You must have income (i.e. sorry realtors and Casey Serin)

* You must prove that you can make the payments

* You must not be more than 60 days past due

* Program is voluntary with the lenders - government has no authority or legal status

You can see the Paulson webcast here

This is a bailout of the lenders not the homeowners. It only applies to a few people. The government is thankfully pulling back from compelling this to take place because that would really shut off new mortgage money — it would slap investors who are already down for the count. Of course, these details may be a bit wrong but I wanted you to know about them now. I think they are probably about spot on.

The government wants to be seen as doing something. But everyone is very afraid of the dollar tanking and housing collapsing because lenders can't sell their mortgages. Remember, when you borrow money, the "lender" is a "borrower" too. They are selling off your mortgage. And if your rates are frozen, how appealing is that to investors who expected to get a return? See What's wrong with the Paulson freeze for more. I think it still applies.

And if you like this type of information and want practical info you can use to lower your mortgage payments without getting a new loan, and "beyond the freeze" real help on slashing credit card debts outside of bankruptcy and selling your house in 9 days join my list now. You will have access to a 25 page insider's report Keep Your Home stop foreclosure information and you'll get an invitation to an exclusive live telephone seminar. I never sell or give away or share your information and you can unsubscribe anytime.