Making Home Affordable expanded to give 125% financing

Just when you think that it could not get more confusing and loose, the government decided to knowingly give out refinances that are worth more than the underlying collateral.  

I can see this letting some folks in the Bay Area refinance to a lower rate, but it would not help much.  It seems irresponsible to lend out technically what is government/tax payer money this way.  What do you think?

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