Here's an analysis of Obama's housing plan for your readers without having to leave Conglomerate!

Obama's housing plan does not require banks owned by the US government to participate. It will only affect loans held by Fannie Mae and Freddie Mac. This is a large portfolio of loans, but represents less than half the problem loans.

Obama's housing plan doesn't give banks a "haircut." It seeks to preserve the status quo by allowing banks to not participate. Ironically, these banks are majority-owned by the US government, so it really makes no sense.

These banks are given an incentive to negotiate, but are not required to, and the incentive is not very much. The result will mean that banks won't renegotiate loans. They can, and will, refuse to participate ... because they already have been told by the Obama administration that they don't have to participate.

The Obama plan is designed to give the administration the political leverage they need to claim they are doing something, without angering their largest political donors ... the very banks let off the hook by this plan.

Anybody who has a Fannie or Freddie mortgage would be an idiot to make next month's mortgage payment. You've just been given a blank check - as Obama has announced that Fannie and Freddie won't foreclose you, and will renegotiate terms.

Anybody who has a Fannie or Freddie mortgage should very quickly arrange to get the lowest paying job they can find, since loan modifications will be based on part on a percentage of your income. The lower the income, the better loan you will get. After you get your modificiation, then quit your low-paying job and get a higher paying one. Take the $$$ all the way to the bank. Wait, no ... since most banks are going to fail soon, put the the $$$ in your mattress.

This plan is really only designed to relieve criticism of the Administration for not doing enough to bail out homeowners; thus it will fail to stop the underlying problem of foreclosures.

We'll be back here in 6 months when the problem is exponentially larger - and probably past the tipping point.

If you are a taxpayer (essentially anyone making over $75,000 per year) you should really quickly quit your job and find one that pays about $45,000/year. Then you'll be a tax receiver. You'll start getting government checks, instead of writing them (suckers!)