"Reduction in the interest rate
Reduction of Loan Principal
Other similar modifications" (of loans)
McCain signed it. Bush will sign it. We will end up buying homes for deadbeats.
I will openly admit I have no patience to read the bill other than excerpts.
So, I ask those of you have have. Are these adjustments ONLY to gov’t owned loans? Or are they for loans owned by financial institutions?
I ask because if they are on gov’t owned loans, it makes a little more sense. In this case the gov’t rightfully has the ability to change the terms to benefit the lendee.
OTH, if this affects notes owned by financial institutions, the idea of a secured loan is null and void.
“We will end up buying homes for deadbeats. “
We were doing THAT already ... in the Housing bailout bill of a few months back.