Here’s a quick note from a Lou Barnes, a mortgage broker in Colorado, who provides some interesting insights in to some likely scenarios given the new housing bailout bill that has just been passed by Congress and signed in to law by President Bush.

Let’s just put it this way… the bill is not likely to work the way it has been sold to the American people.  In my opinion, this is just yet another example of shifting the risk to the U.S. taxpayer while bailing out the bankers.  Time will tell.