The $75 billion loan modification and refinancing program details, released today, looks good. I am afraid I must give the Obama administration a plus on this.

Real property is involved here, unlike some of the bank bailout money; this program is an investment in the future and gives mortgage holders some stability. House prices are depressed, but any turnaround will increase their value.

One of the most worrying features of the foreclosures was that a perfectly good house would be left vacant and would deteriorate over time.

(I got the above from a CNN online summary; better coverage will appear in the better newspapers tomorrow).