So let's say you commit mortgage fraud and take out a Liar's Loan for $500,000 even though you can't afford the monthly payments. Your new best buddy Helicopter Bernanke wants the banks to cut the loan amount to $400,000, but only for loans where the failed flipper stopped making payments.
And for those of you who 'bought' homes you could afford, who didn't lie on your mortgage application, and who kept making timely payments, Bernanke says "f*ck you byatch - no bailout for you!"
Crime and irresponsibility pay in America today. Doing the right, ethical and honest thing is penalized. And I think this desperate and pathetic brain-fart by Bernanke shows just how fast things are now spinning out of control.
Bernanke urges banks to forgive portions of mortgages
Saying banks must do more to stem rising foreclosures, Federal Reserve Chairman Ben S. Bernanke called on lenders Tuesday to go beyond trimming interest rates on some troubled mortgages by cutting the size of the loans as well.
Bernanke's call for outright mortgage cuts is more sweeping than anything he has previously advocated and appears to put him at odds with the Bush administration. Treasury Secretary Henry M. Paulson Jr. contends that homeowners are obligated to keep paying on their home loans.