[kiryandil]

Oh, an apologist for the poor, uninformed Banksters. Yep, they never saw those sharpster peasants coming, and were cozened by all their intricate, convoluted schemes for bilking the financial naifs working at the banks.

Here's an administration press release from the New York Times for ya:

Mortgage Plan Gives Homeowners Bulk of the Benefits

Yeah, the poor old Big Banks once again get nothing but The Shaft. Well, except they won't get prosecuted for fraud and perjury, and the attorneys-general will sadly announce at a later time that the statutes of limitation clock has been "accidentally" run out.

And the Big Banks will get to stick the bill for all this on the chumps (pension funds and the like) who bought the RMBS crap.

AND. They'll get to pick exactly which mortgages they're going to write down the principal on, which will be the ones with HELOC seconds that are underwater.

But what I just wrote probably translates to you as "waa waa waa-waa waa waa, waa waa deadbeat borrowers make out waa waa".

[Almondjoy]

Yep.