From section 110:
MODIFICATIONS.—In the case of a residential mortgage loan, modifications made under paragraph (1) may include—
(A) reduction in interest rates;
(B) reduction of loan principal; and
(C) other similar modifications.
NO. FRIGGIN’. WAY!!!!!
uh, yes, way.
Heck, I guess I should just stop making payments on my mortgage. Given enough time, I just might be rewarded with a lower interest rate and have them knock off some of my loan principal.
If this is the best Congress can come up with, we’re screwed. Every sector in our country is just going to start waiting for their handout/bailout, if one of these bailout bills gets passed.
I just called my Senators office—Pat Roberts. Of course, he is against the bill (he is up for election in Nov). I told the guy who answered the phone, that regardless how Senator Roberts votes, he better get on the phone to his buddies in the Senate, because if this passes the Senate he loses my vote. PERIOD!