They are self-admitting, it would appear, that they have been screwing things up. Good, admission is the first 'step' towards a healthier lifestyle. And, these banks certainly could benefit from squeezing the 12 Step program into just one.
However , I'm pro-mortgage reduction plans by these institutions too. They are losing tons, costing them arms and legs, and taking all-together too much time in bringing our housing crisis out of this crappy status.
Let's say they just give all homeowners a certain amount, 25%, reduction in the mortgage balance. Would that eliminate the 50% loss by taking back a property? Maybe. Would it eliminate some of the strategic defaults? Maybe. Would it help people stay in their homes? Quite possibly.
THEY ARE MEETING TODAY!
Can't wait to hear the outcome.....