Second Mortgages Undermining New FHA Bailout Law

``FT.com missed the fact that at the last minute the Solons added a provision to the FHA bailout bill where if a second mortgage existed the bank had to waive it. The banks then gets to benefit in the upside along with FHA. They get no immediate monetary benefit, rather a worthless piece of paper and have to waive their rights to a standard judgment, which is not good.''