I don't think so ! It is unethical treatment of the credit market for Americans and in some instances illegal to tack 'unearned debt' to people engaged in 'healthy' economics and home purchasing. There needs to be legislation that protects consumers in the future from such gouging.
This legislation is a 'one time' opportunity for people victimized by the Bush Economic Strategy Against Them to 'survive the day.' This provision is for people that have already spoken with their lending institution, has filed bankruptcy before the date of the legislation and in this case have loans from a bank that has received significant funding through the 'Bush Bailout.'
The banking industry is overreacting and seeks to preserve profits in the light of the poorest of lending decisions since the Great Depression.
Citi backs mortgage relief plan (click here)
US bank Citigroup has agreed to support a proposed change in US bankruptcy law to help troubled mortgage borrowers avoid losing their homes.
The controversial change, known as "cramdown", would let courts wipe out some mortgage debts.
The legal reform would help "millions of families save their homes", said US lawmakers who proposed the measure.
Opponents say giving bankruptcy judges the power to erase mortgage debt would increase costs for future homeowners.
A similar proposal failed to win approval last year amid stiff opposition from Republicans and some Democrats, as well as banking and housing industry lobbyists because of the possible impact on future borrowers....
