This needs to be played over and over and over and over...
Biden -”Number two, with regard to bankruptcy now, Gwen, what we should be doing now — and Barack Obama and I support it — we should be allowing bankruptcy courts to be able to re-adjust not just the interest rate you’re paying on your mortgage to be able to stay in your home, but be able to adjust the principal that you owe, the principal that you owe.”
Hey, I wan’t my principal adjusted. Wait, Obiden was thinking up for Republicans and down fro Rats. Never mind.
“(T)he Federal property manager shall implement a plan that seeks to maximize assistance for homeowners,” it said. “In the case of a residential mortgage loan, modifications made under paragraph (1) may include — (A) reduction in interest rates; (B) reduction in loan principal; and (C) similar modifications.”