If it wasn't so disgusting it might be funny.
Our esteemed Fed Chairman coming out in testimony this week saying, "principal reductions that restore some equity for the homeowner may be a relatively more effective means of avoiding delinquency and foreclosure."
This is what he really said. Hey you, Mr. Bigshot Homeowner who leveraged your firstborn to buy a house much bigger than you could ever afford (and probably lied about your financial condition like 70% of mortgage applications out there) and who is driving new vehicles from doing refi's as your home appreciated, just dont' worry about a thing. I am going to ask your banker to REDUCE the amount of money you owe the bank on your mortgage to save his ass (and yours).
No wonder this country is in such a financial pig pen with loons like Ben tossing out life vests to every friendly banker and Congressman.
Who said it was an election year?
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