I heard Biden say that, and my jaw dropped.
Am I the only one who didn’t know they were considering this? Astonishing.
It’s been mentioned on other posts during the past three days. Because of the volumn of postings it was easy to overlook.
At least you know now what the Dems are intending to do to the mortgage industry.
The Senate 'rescue' bill contains provisions for the feds to reduce the interest and the principal on delinquent mortgages. It also says that holders of secondary mortgages (and home equity loans) must accept whatever the feds decide to give as full payment.
McCain signed it. It is virtually a done deal.