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Michael Gracie

Freddie/Fannie Mortgage Modifications (suck)

At least that’s what Paul K. and Company surmise regarding the recent announcement of mass mortgage modification by the dynamic duo Fannie Mae and Freddie Mac. Only one segment of commentary in the otherwise fine discussion struck me as odd (emphasis mine)…

“Heidi” – Lowering the principal amount is unethical. If they lower the principal amount for people who made poor decisions regarding what they can afford to pay for a home then the government would in essence be rewarding moronic behavior. Should I be refunded for all of the losses in my investments?

My query: when does the government do anything but “reward moronic behaviour?”

SIDE NOTE: Mass Mortgage Modification will hereafter be referred to simply as MMM or ThreeM, but no rights are reserved. Dynamic Duo is taken by some comic book characters, and we already know the shoe fits.