[Dawn531]

As another Freeper pointed out to me this morning, this bad bailout idea is already in the main bill.

SEC. 109. FORECLOSURE MITIGATION EFFORTS. (c) CONSENT TO REASONABLE LOAN MODIFICATION REQUESTS.— Upon any request arising under existing investment contracts, the Secretary shall consent, where appropriate, and considering net present value to the taxpayer, to reasonable requests for loss mitigation measures, including term extensions, rate reductions, principal write downs, increases in the proportion of loans within a trust or other structure allowed to be modified, or removal of other limitation on modifications

[goldstategop]

Then why does McStupid want to throw another $300 billion at it?

"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus

[fightinJAG]

It’s also an approach taken in the recent HOPE legislation.