[ProtectOurFreedom]

...suspension of foreclosures, reduced interest payments and for select borrowers, reduction of principal balances.

Good God. How do I get my principal balance reduced? I've been struggling to pay my mortgage on time for 25 years, have gone without many niceties in life to avoid debt and have never missed a single mortgage payment. This just really pisses me off.

Rush was describing how new bailout rules could create a federal bureaucracy to do the very same thing at the national level. Except the program would only be open to Democrat voters, not Republicans. I think the latter part was tongue in cheek, but I'm sure the Federal Mortgage Authority would find a way to make this come true.

[Defiant]

This is just so wrong. People who got a 80 percent ltv loan, who had enough income and who make all the payments, don't get any break at all on their mortgage, but those who lied on their app, put no money down, and just hoped values would rise, they get a rewrite of their loans. Perverse incentives lead to absurd results. Good borrowers may get so pissed off they will stop making payments and tell the lender to give them a break, too. But I bet Bwaney Fwank would tell them to get lost.

Solid homeowners with equity don't vote democrat.

[ladyvet]

What about those of us that pay our mortgage on time every month? Can we negotiate reductions?! H*ll no!

I watch my neighbors buy boats, RV’s, four wheelers, and ton's of other “toy's”. My kids ask me why we don't have them and we tell them those people are living beyond their means and we won't do that.

I'm beginning to think we were the idiots. /s

[Hanna548]

I’m with you. We do did without and sacrificed in order to afford a home in the first place, and we do without and sacrifice in order to keep it...and we are the ones being penalized while those that sacrificed NOTHING are getting a free ride and we get to pay the bill. There goes my blood pressure again:(

[billmor]

Not all mortgages amortize in the same way...For some borrowers who are chronically late with their payments, the mortgage can accrue interest and over time the balance would INCREASE rather than decrease, sometimes adding thousands and thousands to the morgage balance...THAT is a real abuse of sub-prime lending..terrible..

[longtermmemmory]

interesting, this USED to be available under the old bankruptcy code.

The LENDERS lobbyied for reforms. In many situations WROTE THE NEW bankruptcy laws adopted by the congress.

now they are doing this so the law does not get changed back.