I never said I want to see foreclosures and I agree 100% with restructuring loans to extend the terms, decrease the interest, some lease to buy back in the future option, or a business decision by the bank or future owner to sell at a loss. However, I disagree with a program that mandates principle reduction. It has nothing to do with cutting off ones nose to spite ones face. Unfortunately there is some percentage of homowners who live in a house that they can't afford and that is just a fact.
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