The following is a brilliant analysis and plan, by Mr. Mortgage. The only solution is mortgage principal write-downs, i.e., cancellation of debt! When will our leaders wake up to this? Nationalize the banks and cancel the debt, it is that simple.
http://mrmortgage.ml-implode.com/2008/12/14/mr-mortgage-my-case-for-mortgage-principal-reductions/
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