SCALING BACK AMBITIONS, HEH: What the banks and mortgage giants killed in the House’s latest bullshit Financial Regulation bill was the “Cram-down” legislation, which would have let bankruptcy judges force lenders to accept not only lower, fixed interest rates on underwater home loans, but also give judges the power to reduce the principal to reflect current (dismal) market value.
So when the U.S. has another THIRTEEN FUCKING MILLION foreclosures in the next couple of years, thank the lenders for their awesome lobbying efforts, and please give some food scraps to the families living on your sidewalk. [Reuters]
GIVE US MONEY! -