Sorry, but this is really pissing me off and I have more to say about it.

Here is what Hank Paulson had to say today as well…”aggressively encouraging” the mortgage-service industry — which collects loan payments from borrowers — to develop criteria that would enable large groups of borrowers who might default on their payments to qualify for loans with better terms.”

Sound familiar? The problem with all of these assinine suggestions is that the problem is not with the terms. It’s the PRINCIPAL!!!!! Prices paid were beyond the ability of the borrowers to service the debt they incurred. Any workout of the debt structure in a loan that actually amortizes the principal cannot be afforded by the borrower in question in many cases. Ah yes, amortization schedules, anyone remember those? Hell, I used to build those for fun back in the day. Try asking for one now and watch the look on the brokers face.