Editor’s Note: Better late than never. It is a step in the right direction, but 30% reduction is not likely to do the job, and waiting for mortgages to become delinquent is simply kicking the can down the road. The political argument of a “gift” to these homeowners is bogus. They are legally entitled to […]

Tags: Alan M White, ARIZONA, assistant secretary of the Treasury, Bank of America, BOA, BofA, Brad Hunter, Commerce Department, countrywide, credit cards, David Streitfeld, debt forgiveness, forgiveness of debt, Fremont Investment and Loan, Housing and Urban Development, inspector general, Jack Schakett, Louise Story, Martha Coakley, Massachusetts, Metrostudy, Michael S. Barr, Neil M. Barofsky, New York Times, predatory lending, preumptively unfair, principal reduction, redefault, Scottsdale, Steve Walsh, Supreme Judicial Court, TARP, Troubled Asset Relief Program, Valparaiso University School of Law, Wachovia, Wells Fargo, White House
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