Maybe there's a way to thrive in the howling wasteland that is the home-loan market. Bonds backed by mortgages look like a buying opportunity, assuming a new spate of defaults doesn't send their prices tumbling again.
Fannie Mae is preparing a program of refinancing mortgages for people who owe more than the current value of their homes. The plan is the latest twist in efforts to contain the surge in foreclosures in much of the U.S.
