This plan may be the best of a bunch of awful plans. As believers in the rule of law, capitalism, and personal responsibility, we are all appalled at the steps the government has taken and will continue to take to “fix” this problem.
The virtues of this program are that it is efficient–gets the breathing room directly to the idiot borrowers, stabilizes the housing market which may otherwise overreact on the downside in a viscious circle, and whacks upside the head the equally dumb lenders with a quick principal reduction.
It is efficient because it avoids the waste of foreclosures, trashed houses, empty & idle housing stock sitting and deteriorating, and family upheavals.
Let’s face it Piggs, the government is going to waste a lot of our money no matter what. You want revenge? It’ll cost you. Let’s get this boondogle over as quickly and cheaply as possible.
