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Altered Contracts
Doesn't it make you wish you had gone out and bought a home that you couldn't afford so the mortgage company and the government could reduce your mortgage, interest rate and payment so that you could continue to live beyond your means? Then you could take the extra money and buy half-priced stocks and mutual funds or a second house for investment, for your retirement. Where else could you get such a deal?
Frankly, I think the government should give us money to make up for the loss in our 401(K) and personal portfolio's. Some of us are as devistated and the banks, mortgage company's and insurance company's.
Commet
Interesting, am, when Obama's camp proposed almost the exact same response this morning. I guess if "that one" says it, it's ok although he almost parrots his adversary word for word. It is amazing and depressing, the world of politics and the heretics they attract.
Contracts are altered all the time in the real world
A bank would much rather have income from a readjusted mortgage, within reason, than go to foreclosure. Foreclosures, at best, cost the lender around 40% of the value of that loan. So if they can renegotiate a more affordable payment plan and keep the mortgage alive, they are often much better off, and so is the community, which won't suffer the damage a bunch of foreclosed homes have on a neighborhood. Trouble is, many of these mortgages are part of exotic investment vehicles that are long detached from the banks or mortgage lenders that made the original deal. And there is a very profitable business in foreclosure fees to third parties.
Right and wrong
Anyone who would propose to void a legal document to reduce the amount of the principal, the interest and the payment, and anyone who would do that, should be removed from office/job and prosecuted for wrong doing. They have no sense of right and wrong. For society to function properly, you have to hold people responsible and accountable for what they do and the legal documents they promise to honor. For a court to be involved in doing such things is unthinkable.
Indeed
Especially when at first, he stated on his website that lenders would have to recognize the losses, but quickly struck that language for some reason -- implying that the government will buy the bad loans at face value, so WE get to realize the losses.