"If you are a borrower in the group that gets left behind by this scheme, you have a set of perverse incentives to default in order to get the break. It has moral hazard written all over it"
- Don Brownstein, chief executive of Structured Portfolio Management hedge fund
STOP MAKING PAYMENTS ON YOUR DEPRECIATING DEBT-TRAP TODAY!!!
The failing banks and Bush Administration will reward those who've committed mortgage fraud, and that don't honor their loan commitments. On the flip side, they'll screw honest homedebtors who didn't commit fraud, and who keep making their house payments.
Black is now white, cats are now sleeping with dogs, and that's the world we live in.