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1:01	SignOnLiveChatModerator - Welcome to today's real estate chat with Roger Showley, Lori Weisberg and Emmet Pierce. Roger and Emmet will be joining us shortly, but Lori is here. Feel free to ask her any questions you have about the local real estate market or President Obama's housing plan.

1:01	Lori Weisberg - Hi, I'm Lori Weisberg and ready to answer any of your questions.

1:02	[Comment From Jim] I read the homeowner bailout won't be offered to people who knew they couldn't afford their homes in the first place. How will this be determined?

1:04

Lori Weisberg - Hi Jim. Yes, in a general sense that's true, but because the more specific details of the plan won't be available until March 4, we don't know how the government is going to handle that. More importantly, the rules will look at how under water people are on their mortgages and whether a modification would lower the monthly payment on the first to an affordable level.

1:04	Emmet Pierce - Hi, I'm Emmet Pierce. Thanks for logging on.

1:05	[Comment From Sarah] How is the market doing for Million plus homes such as Coronado?

1:05	Emmet Pierce - Hi Sarah, Roger will take that question shortly.

1:06	SignOnLiveChatModerator - Lori, yesterday President Obama released a housing plan to help people avoid foreclosure. Could you briefly summerize that plan?

1:10	[Comment From Cameron] Will there be any action taken against the banks and mortgage brokers who commited fraud by submitting false loan apps with inflated income amd assests?

1:11

Lori Weisberg - The two key elements of the plan would expand opportunities to refinance for those who have little or no equity in their homes and encourage lenders to modify loans for homeowners at risk of default or foreclosure. In order to qualify for help with refinancing, borrowers cannot owe on their first mortgage more than 105 percent of the home's value. The loan must also be one that is owned or guaranteed by Fannie Mae or Freddie Mac. For those seeking loan modifications, servicers of loans will be provided with monetary incentives if the help borrowers modify loans. In all, the plan is supposed to help up to 9 million homeowners nationwide.

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