I guess this is just another case of an ignorant blogger having more common and financial sense than the incompetent idiots running the Congress and Federal Reserve.
If you start rewarding people who are delinquint on their payments with principal forgiveness and much lower interest rates saving them thousands and thousands of dollars what do you naturally think will result from that?
Well friends, the retards running the country think that this will solve the housing crisis.
Everyone else realizes that this will simply cause people who are capable of paying their mortgage to stop paying to try and get the same deal.
Why would you ever pay your mortgage on time when being a few months late could save you thousands of dollars.
The moral hazard and stupidity of what is being proposed is so astoundingly thoughtless and dangerous I can't believe it is being even proposed.
Welcome to the welfare state!
