The preisdent will unleash his mortgage/credit crisis rescue plan tomorrow in Phoenix.

Here’s the L.A. Times idea of what it will include: 

In using Arizona as the backdrop to announce his housing plan, Obama is choosing a state hit hard by foreclosures. In January, more than 4,500 homes in Arizona were repossessed, the third highest number in the nation, according to RealtyTrac, a company that collects foreclosure data. Last month, California ranked first.

Obama has dropped hints about the broad outlines of his housing plan, estimated to cost $50 billion to $100 billion. Speaking in Elkhart last week, he said he would push for a new law that allows judges to rewrite the terms of a mortgage for homeowners who land in bankruptcy court.

Without such a law, people are being forced into “foreclosure who potentially would be better off, and the bank would be better off, and the community would be better off if they’re at least making some payments, but they’re not able to make all the payments necessary,” Obama said.

The following day, in Fort Myers, Obama outlined an arrangement in which banks would accept lower payments from homeowners in return for an equity stake once housing prices recover.

A Democratic congressional aide said Monday that Obama’s housing plan will have two pieces. One will involve changes in law that can only be made by Congress — such as empowering bankruptcy judges to restructure mortgages. The other will involve actions Obama can take by executive fiat.

I know two homeowners who have told me that they have received a loan modification from their lender.  Their tax rolls don’t show any new recording of loan documents, so if that’s the norm, the lenders aren’t leaving any public evidence of who is getting a break from loan modifications.

Those who are in bankruptcy are public record, though not on the tax rolls.  Will those who opt for the equity-share program get a new trust deed recorded?  They should, anyone who has a stake in the outcome of a sale would be crazy not to record their interest.

We’ll keep an eye out for how the equity-share program gets handled – they don’t have to record a new deed, the lenders could mention it when they get notified of the future sale.  If nothing new is recorded, we’ll never know who benefitted.

Wasn’t there going to be accountability this time around?

Listen carefully tomorrow to hear if there is going to be any public tracking of the equity-share program.  Without public scrutiny, how will we know how our tax dollars are being spent? 

At what point will the taxpayers revolt?