I've heard Bank of America and a few other banks are preparing to launch a loan modification program that will lower interest rates and lengthen the loan terms. I'd like to know some of the specifics of various proposed plans and how they compare to the government's plans. How and when is this going to happen, and who will qualify? I believe if the foreclosures are significantly reduced, the last remaining foreclosures will become red hot and we may even see some appreciation at the bottom of the market very soon. Most bank owned foreclosures are already receiving multiple offers here in California. Any thoughts?

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