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Old 04-14-2010, 08:53 AM
 
69,372 posts, read 55,357,998 times
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JPMorgan Chase Is No Fan of Latest Obama Plan to Stem Foreclosures

Lowen sought to take the high ground in opposing the reduction of mortgage principal. "Like all loans, mortgage contracts are based on a promise to repay money borrowed," he said. "If we re-write the mortgage contract retroactively to restore equity to any mortgage borrower because the value of his or her home declined, what responsible lender will take the equity risk of financing mortgages in the future? What responsible regulator would want lenders to take such risk?"

Exactly.. What fool would suggest such a thing.. Ooh that man in the White House..
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