Bienvenidos a Argentina
I guess I’m a sucker too - have a mortgage from BofA, and had diligently saved enough to put 50% down. Plus, I always (always, always, always) pay on time. My property’s value is down 20%-30% from when I bought in 2008.
I don’t qualify for a principal reduction because I held up my end of the deal. However, BofA will helpfully refinance the loan at a lower rate - if I go through the same process that a non-customer and new-applicant would, including paying all application costs and closing fees. Such a deal!
Punishing responsibility and rewarding irresponsibility - the Obama way “forward”!