Chadi Moussa lives in a house valued at more than $1 million in Dublin, Calif., in the desirable East Bay area. Unfortunately, he owes nearly twice that much on his mortgage. Mr. Moussa, who runs a used luxury car dealership, is by any definition a troubled homeowner. But when he looked at President Obama’s housing rescue plan, he saw nothing for him because his mortgage was too high. Administration officials say the plan, the details of which were released Wednesday, is intended to help as many homeowners as possible and could prevent three million to four million foreclosures through loan modifications and help four million to five million through low-cost refinancing.But it does little for borrowers who have had significant jolts to their income, or who owe more than their home’s value on loans that exceed $729,750.
By John Leland, Mar 5, 2009, NYT

Link to article