Exactly...my wife immediately told me to call the bank tomorrow and get the principal lowered by 30% or more...isn’t it going to be great living in a Socialist country? Wake up America !!!
If you think banks won’t loan now...just wait until a court can arbitrarily change the loan agreements and principal amounts.
What if you have a property mortgaged at $200 000 and the gummint decides to adjust that amount for inflation over 20 years?
A contract is a contract. The parties agree to the terms and the consequences as well. Government is responsible to see that these are legally enforced, not to monkey with the arrangement according to somebody's whim after the fact.