The Great Mortgage Modification Pump - GOD SAVE US ALL!

"I have been telling all of you for a long time that they will have to modify every loan in America in order to fix this problem, but I never dreamed they would do it this way. Reworking loans to make ‘payments affordable’ without permanently reducing principal balances is the worst possible thing that can be done because it ensures the housing and foreclosure crisis will be with us for a long time. If these programs are widely accepted, housing is a dead asset class indefinitely."